Author: Kacie Cotter-Harrigan

The SECURE Act: Bad News for IRA Beneficiaries

Written by Kacie Cotter-Harrigan on February 13, 2020. Posted in Families Today.

At the end of last year Congress passed the SECURE Act. As is often the case with Congress, the acronym belies the content of the Act, in many respects, as it contains some provisions that are not altogether helpful to many individuals. Let’s review some of the major provisions (good and bad) of the Act.

Stretch IRAs:
For IRAs inherited prior to Jan 1, 2020, non-spouse non-trust beneficiaries, need to take a Required Minimum Distribution (RMD) from inherited IRAs each year based on their life expectancy, for the remainder of their life. The younger a beneficiary, the smaller the distribution, as a percentage of the balance. This meant that most of the IRA balance could remain tax-deferred until the beneficiary needed it.

The new rule requires that IRAs inherited on or after Jan 1, 2020 (with few exceptions) must be completely withdrawn within only ten years. This provision will require most beneficiaries to empty inherited IRAs, which are fully taxable, during some of their highest earning years. The net effect will be a tax increase on these individuals by forcing beneficiaries to recognize more income and by forcing many into a higher tax bracket.

Beneficiary IRAs that predate the new Act taking effect are grandfathered in under the old rules.

Required Minimum Distributions (RMDs):
Under the previous law, an individual must begin taking distributions from their own IRA by the end of the year in which they turned 70.5. The new law pushes that date out to their 72nd year. However, anyone who attained age 70.5 before Jan 1, 2020 is still subject to the old rule, and must continue taking RMDs. Anyone turning 70.5 on or after Jan 1, 2020 can now wait until age 72. Unlike Inherited IRAs, your own IRA RMD is still based on a lifetime schedule.

IRA Contributions:
The new Act updates IRA contribution rules to bring them in-line with other retirement accounts. Beginning tax year 2020, you can now make IRA contributions beyond the age of 70.5, as long as you have earned income equal to or greater than the contribution amount. You cannot, however, make a prior year contribution for tax year 2019 under this rule.

Withdrawals:
The Act allows for penalty-free withdrawals from IRAs of up to $5,000 in the event of a birth or adoption.

The greatest impact of the Act will be to force withdrawals from Inherited IRAs over an accelerated period and during a time in which many beneficiaries will already be subject to higher taxes due to being in their highest earning years. That being said, you can still employ strategies to help mitigate taxes during this period. One option may be to increase contributions to your employer-sponsored plans (401k, 403b, etc), which could help offset the taxable income you’d be forced to receive from the IRA.

Again, these changes are beginning tax year 2020 (on or after Jan 1, 2020), and Inherited IRAs and other IRA RMDs schedules which predate, are unaffected.

As always, work closely with your independent financial advisor to better understand how the Act may affect your individual circumstances, and to devise a strategy to manage the tax burden where possible.

Stephen Kyne, CFP is a Partner at Sterling Manor Financial, LLC in Saratoga Springs, and Rhinebeck.
Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, or Cadaret Grant & Co., Inc., SEC registered investment advisors. Sterling Manor Financial and Cadaret Grant are separate entities.

BallsFest Pajama Party This Weekend at the Adelphi

Written by Kacie Cotter-Harrigan on February 6, 2020. Posted in Entertainment.

SARATOGA SPRINGS — The second annual BallsFest Pajama Party will take place at the Adelphi Hotel downtown, from 7:30 to 11:30 p.m. on Saturday, Feb. 8.

BallsFest, a major non-profit created by Frank DeBlasi in response to his battle with testicular cancer, provides yearly programming to families affected by childhood and young adult cancer.

Once families receive their diagnosis, BallsFest gets to work. They partner with the Melodies Center for Childhood Cancer at Albany Medical to provide year-round support through therapeutic activities for children in treatment, providing a fun distraction and relief to the stress they’re facing. Perhaps most importantly, these activities give children a chance to socialize with each other and form connections.

BallsFest also hosts activities outside of the hospital. According to Angie Silipigno, BallsFest Executive Director, “families come together and have fun away from the hospital to gain support from a group of people who really understand what they’re going through.”

The funds from the Pajama Party’s ticket sales — as well as donations made at other events throughout the year — are used to purchase the materials needed for said hospital visits and activities. BallsFest also uses the money to cover all the costs associated with community-based events so that everything is free for families. During the holiday season, the organization also uses some of the money to put together Thanksgiving Bags. BallsFest seeks sponsorships throughout the year for assistance in funding these programs.

“We want to be able to always say yes when a need comes up,” says Silipigno. “Versus no, that the resources aren’t available.”

According to Silipigno, last year’s event had a great turnout. “I think the comfort level of people in their pajamas tied into the energy level,” she says. “The dance floor was full of people.”

Tickets cost $100, and the purchase includes food prepared by the Adelphi’s chefs, as well as an open bar. Silipigno promises a few surprises built into the night. Tickets can be purchased at: ballsfest.org/tickets/pajamaparty20.

Love Found at the Farmers’ Market

Written by Kacie Cotter-Harrigan on February 6, 2020. Posted in Food.

This time of year, the farmers’ market is inspired by the Saratoga County Chamber of Commerce’s Health and Wellness Week. Meanwhile, our vendors are also preparing for Valentine’s Day. The result is a special market focused on gifts from the heart as well as food that is good for the heart and overall health.

Tomorrow, prepare for Valentine’s Day by finding gifts that are meaningful and tasty. The Chocolate Spoon will have memorable homemade strawberry marshmallows that are perfect for anyone with a sweet tooth. Pucker’s Pickles will have a limited supply of their very special fermented cherries. And, of course, there will also be chocolate in various forms – like velvety chocolate cheesecake at Grandma Apple’s and a Valentine’s Day trio special (including passion, violet, and cacao nib bars) at Saratoga Chocolate Co. Or, say ‘I love you’ with a gift bag of chocolate coffee and toffee from Something’s Brewing.

Is a romantic dinner more your style? The farmers’ market has the region’s freshest ingredients. Mangiomo will have pasta rolled and cut to order. The Vermont Spätzle Company will have gluten-free spätzle. You will find the finest cuts of meat from local farms along with the best cooking instructions. Take your pick of beef, chicken, pork, lamb, goat or even fish and seafood. Local farms will have leafy greens like bok choy, swiss chard, microgreens, and kale. And tables will also be stocked with apples, beets, carrots, potatoes, mushrooms, winter squash, and much more. After dinner, share some local cheese or maybe sip some locally distilled spirits.

While shopping for the person in your heart, consider heart health too. Eating fresh, seasonal fruits and vegetables is crucial for a healthy lifestyle.

We invite you to share the love and to experience the love at tomorrow’s farmers’ market. Eat Smart NY will have healthy snack samples and recipe ideas. There will also be free Valentine cards to write and take and toe-tapping music by Craic Agus Ceol.

Our close-knit community of vendors and customers, weekly musicians and guests make for a joyous place full of friends. So bring your date, family, or friends with you to enjoy a shared outing at the farmers’ market

The Saratoga Farmers’ Market is 9:30 a.m.-1:30 p.m. Saturdays in the Food Court of the Wilton Mall. Follow us on Facebook, Twitter, and Instagram for previews of what’s fresh.

FM SpinachRicottaPasta

A Single Serving

Written by Kacie Cotter-Harrigan on February 6, 2020. Posted in Food.

Hello my Foodie Friends!

The focus and awareness of single servings has been on the rise. Factors and benefits such as convenience, freshness, and dietary awareness have a major appeal to everyday consumers. Now more then ever individuals are placing importance on elements such as convenience and dietary awareness. Everyone ranging from busy families on the go to people dealing with the everyday chaos of life can take advantage of the handiness that single-serve products provide! Single-serve cooking can assist with the emphasis being placed on leading healthier lifestyles. Single-serve products provide the health and wellness many are looking for. Portion and calorie control are much easier for on-the-go consumers to calculate, which offers convenience.

The Ramekin is an item we sell at Compliments to the Chef that can help you with your quest for single servings. What, exactly, is a “ramekin?” A ramekin is a small, single-serving sized small mould or dish, traditionally round with a fluted exterior, in which ramekins or other individual portions of food, such as soufflés or mousses, are baked and served; (also) a small container for an individual serving of sauce.

Typically made of ceramics, ramekins are small bowls that are often associated with custard desserts. Yet there are a wide variety of uses for ramekins in your kitchen. They can be used to mix a small amount of ingredients, hold snacks or serve dips and salsas. You can also use ramekins to bake many different foods — from sweets to main dishes. This is particularly beneficial if you’re watching your weight because eating from these small bowls will help you manage portion size, a key component in controlling caloric intake.

There are so many uses for a ramekin. Here are a few:

You can bake eggs in a ramekin. Eggs have been put on the bad food list in the past, but the truth is that they are a good protein option for starting your day. The cholesterol in eggs is in the yokes, so if that’s a concern you can always use just egg whites. Use ramekins to bake eggs as an alternative to the typical fried or scrambled eggs. Just crack an egg into a ramekin coated in nonstick cooking spray, pour one tablespoon of low-fat milk over it and season as desired. Try adding shredded low-fat cheese or Canadian bacon. You can also put vegetables like spinach, tomatoes or diced peppers on the bottom of the ramekin before adding the egg. Place the ramekins on a baking sheet and bake for about 15 to 20 minutes at 375 degrees F. The temperature of the egg should reach 160 degrees F, according to safety guidelines from the U.S. Department of Agriculture.

Bread pudding is usually a decadent dessert, but you can fit it into your healthy diet. Using your favorite bread pudding recipe and preparing it in ramekins allows you to have a small single serving, keeping calories under control. You can also experiment with swapping some of the ingredients to boost nutritional value. For example, use whole wheat bread and low-fat milk instead of white bread and heavy cream or whole milk. Recipes like the pear bread pudding featured in “The New Mayo Clinic Cookbook” uses these substitutes as well as several spices to make a healthier, flavorful dish.

Mini pot pies and meatloaves: Portion control and attractive food presentation are both advantages you’ll get when preparing main dishes in ramekins. Serving a personal pot pie or meatloaf to your family will likely be a hit, especially for kids. You can still prepare your recipes for these classics as usual and then divide the prepared food among the ramekins before baking. You may need to cut down the amount of your original recipe, however, if you plan to use only a few ramekins. If you’re concerned about grease filling up the ramekins when cooking mini meatloaves, try placing a piece of bread — preferably somewhat stale or toasted — in the bottom of the dish. The bread will absorb a large amount of the grease. It will also help to use leaner ground beef; try to use 90 to 93 percent lean.

Fruit desserts: Ramekins are ideal for many classic desserts, such as custards, mousses and even mini baked cheesecakes. They also work well for baking individual fruit desserts, such as crisps and cobblers. Crisps use a topping primarily made with dried oats while cobblers are flour based. An additional advantage to preparing desserts this way is that you can use a variety of fruits to prepare several different crisps or cobblers at once.

One of our favorite uses for ramekins is for single servings of mac n cheese. Mac n cheese is down home comfort food and it makes you feel all warm and cozy. These little ramekins are ideal for individual servings of mac n cheese.

Stop by Compliments to the Chef, your Neighborhood Kitchen and Cutlery store located at 33 Railroad Place in Saratoga Springs to pick up an array of sizes of ramekins and cool tools to assist you with your culinary needs. Enjoy those ridiculously delicious single serving creations. Remember my Foodie Friends: “Life Happens in the Kitchen.”

Take Care,
John & Paula REARDON MacCheeseRamekins

Think Spring: Lilies and Irises

Written by Kacie Cotter-Harrigan on February 6, 2020. Posted in Home & Garden.

In February, the packaged dormant bulbs arrive at the garden centers. Among them are one of my favorites: the easy-to-grow lilies. Many of the showy cultivars thrive in our northern climate including two of my favorites; Asiatic and Oriental Hybrids.

Asiatic hybrids are the first of the lilies to flower in early summer and are the most cold tolerant of all lilies. They also mature and reproduce rapidly. Asiatics are available in reds, whites, pinks, oranges, and yellows of every shade. Asiatics are not strongly scented but come in a range of sizes from 2’ to 5’!

To find fragrance, we must sniff out the Oriental lily hybrids. Oriental lilies will produce some of the largest, showiest flowers that you could expect this side of the tropics. A sub-group of the Oriental lilies are the Imperial hybrids. Imperial lilies produce large, sometimes huge flowers on sturdy stems. The Imperial Gold strain, for instance, produces 5” to 7” fragrant flowers on plants up to 7’ tall.

Lilies grow from bulbs like those you’ll find at the garden center. They are bare-root in plastic bags. If you shop for them early you can pick out the fattest ones from the group offered. The fatter the bulb, the better the plant. Plant your lilies as soon as the ground has thawed in a location that is in full sun. After enjoying your lilies for three or four years, you’ll notice that you’re getting more plants and flowers but they aren’t as tall as they used to be. This is a signal that they’re crowded and need to be dug and divided in fall after frost or early the next spring when they’ve just started to sprout from the soil.

Another of my favorite bulbs available in packages this time of year is irises. Most irises flower early in the season. Like the lilies, irises are easy to grow and multiply quickly. They grow from tuberous rootstock called rhizomes. When you’re shopping for iris rhizomes, don’t just look at the pretty picture on the package. Inspect the rhizomes through the bag. Feel them. They should be firm to the touch and show no signs of mold. The bigger the rhizome the better the flowers. If you can’t plant them right away, just store them in a cool spot until the ground thaws.

Bearded Irises come in almost any color combination imaginable and range in height from about 15” to 36”. Mature Bearded Irises will have several flowers on each flower stalk.

Dwarf Bearded Iris varieties grow to heights about 8” or so. Bearded and Dwarf Bearded Irises prefer to be planted in full sun in soil that’s been enriched with plenty of organic matter.

Later in spring, Japanese and Siberian irises will appear in the garden center as potted perennial plants rather than bare-root rhizomes. Japanese Irises are tall with some getting as tall as 4’. They can tolerate some light shade and perform best when planted in an area with damp acidic soil. Along a stream or a boggy pond bank would be a great spot for Japanese Irises. Easy-to-grow Siberian irises have been gaining in popularity due to their ability to grow in locations that are drier than other irises prefer. Siberian Irises have narrow leaves and smaller flowers than other iris varieties. They do best when planted in full sun or partial shade. Like other irises, Siberian Irises prefer acidic soil with lots of organic but are more forgiving of less-than-ideal conditions.

Irises mature quickly so be ready to divide them every few years. A group of irises that is overgrown will form a ring as the original plants die out in the center. Dig these clumps up in early spring and divide by chopping into several smaller clumps and replant. Make sure to freshen up the soil with more organic matter before replanting. Irises are easy to grow and prolific so it is easy to understand their growing popularity. Give them a try; you’ll be glad you did.

THANKS FOR THE READ!