Preheat oven to 350F with rack on lower middle position. Line baking sheets with parchment paper or silicone mats and set aside.
In the bowl of a stand mixer, add butter, sugar and lard. Using paddle attachment on medium-high speed, mix until fluffy and light, several minutes.
Add all flour slowly and gradually and blend well after each addition. The dough should end up soft and pliable like play-dough and not sticky.
Split dough into 2 equal round portions. Wrap the dough in plastic wraps and chill for a couple of hours at least.
On a large surface or board, sprinkle 1/2 cup flour to keep dough from sticking to it and roll with a rolling pin.
Roll out to about 1/4 inch thickness and use holiday cookie cutters for shapes. Place each cookie 2 inches apart on baking sheet.
Place each cookie 2 inches apart on baking sheet. Add a half maraschino or glacé cherry to the centre, or a baking gumdrop.
Bake at 350 degrees for about 10 minutes or until edges are golden brown. Bake longer for bigger shapes.
Cool completely on wire rack before serving.
You can add frosting and decorate with sprinkles and others.
Keep cookies in a sealed airtight container at room temperature. These cookies will freeze quite well for several weeks.