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At CoCreate we are always looking to develop strategic relationships that will provide additional benefits to our clients. We are pleased to share that we have onboarded Realized Financial as a sub-advisor to provide private real estate portfolios to fill a very specific need for many of our clients.
Real Estate is a phenomenal wealth builder and it has been particularly powerful in the Bozeman community where we have seen dramatic appreciation of real estate values for many years, well over the national averages. We serve many families and individuals who have acquired a handful of rental properties over the years, utilizing conventional financing and steady rental income to build their asset base, often doing the work of managing and maintaining properties themselves, which further increases their return. If this has been your story, you should be proud of the wise decisions you have made and the hard work you have invested as well as grateful for the favorable market conditions you have experienced to this point.
There are two primary components that often drive a shift out of real estate around the time of retirement. The first is the desire to eliminate the need to actively manage the rental and the second is the need for greater liquidity/lower risk. Maintaining and managing your rental property may not have seemed like a very big deal when you were grounded by your job and motivated to squeeze every penny of profit out of your investment, however, it quickly loses its appeal the first time you have to deal with a busted dishwasher while on your long-awaited international vacation. We often recommend transitioning the property to professional management at this point, which is a great option, often less appealing to the client.
We also frequently encounter situations where the vast majority of a client’s assets are held in real estate. While such a structure may have provided excellent growth during the accumulation stage of life, clients may lack the liquidity needed for their objectives as they move into retirement. People often assume that real estate is an ideal investment in retirement because it provides steady monthly income, however, most retirees also have at least a couple big-ticket items on their list such as remodeling the house or moving, buying a camper, a major trip with the family, charitable donations or even starting a passion business. People who are heavy on real estate often have the asset base that can easily support such objectives, but since the assets are illiquid, their goals are out of reach or much more difficult to achieve. Additionally, when a client is overly-reliant on a rental income stream in retirement without appropriate liquid reserves, they are potentially in a high-risk situation in the event their rental income is disrupted or the property requires expensive repairs or maintenance.
Previously, the only option when determining to sell a piece of investment real estate was to pay a very large tax bill on the gain in the year of the sale. Considering that many of these properties have been held for 10 to 20 years, the combination of significant gains and years of depreciation create a sizeable taxable gain. Now, we believe that it is important to never let the tax tail wag the investment dog and that we should recognize with gratitude that paying taxes is symptomatic of making money, however, we always want to be as tax efficient as possible.
A long-standing strategy to delay the taxation on real estate sales has been the utilization of the 1031 like-kind exchange. These provisions in the tax code allow the “exchange” of one real estate investment property for another. In the exchange, the tax basis is carried over from the old property to the new property and no taxes are due at the time of the transaction as long as the new property is an equal or greater value than the old property so that all the proceeds went into the new property. This is a fantastic strategy when the goal is to build a real estate portfolio or move your assets to a property that is a better fit for your situation, though it does nothing to achieve the concerns of freedom from management responsibilities and greater liquidity.
A requirement for a 1031 exchange is that both the investment properties must be real estate; business interests, stocks, bonds or any other type of investment do not qualify.
We have partnered with Realized in order to offer a solution to our clients who are looking to make adjustments to their real estate investments. Realized can help investors who want to purchase Delaware Statutory Trust (DST) interests for 1031 Exchange transactions. With access to 42 Sponsors, Realized Financial enables investors to tap into a scale and sophistication that may have been formerly unavailable to them. Below are some of the key benefits that make DSTs popular 1031 Exchange solutions:
Professionally Managed: A DST is a passive investment in real estate. The purchase, financing, management, and eventual sale of the property is the responsibility of the DST Sponsor, which allows the investor to enjoy the potential benefits of owning property without the hassle of day-to-day management.
Access to High-Quality Real Estate: The commercial real estate market may be a challenge to navigate for individual investors. Partnering with a respected Sponsor with local market knowledge that has access to professionally managed properties coupled with expertise in management and financing helps investors expand their options when looking for replacement property.
Diversification: Diversification seeks to help manage risk in an investment portfolio. DST investments sometimes offer multiple property portfolios across a variety of property types, as well as broad geographic locations, providing investors with numerous diversification options. DSTs usually have flexible minimum investment amounts, enabling investors to exchange into multiple offerings.
Relief From Underperforming Real Estate: After factoring in the true costs of real estate ownership, many investors find they own property that provides little or no income but are hesitant to sell and pay capital gains tax along with paying depreciation recapture tax. A 1031 Exchange using a DST may provide a solution to seek steady income while potentially deferring a taxable event.
Estate Planning Flexibility: Some investors prefer a role as an active real estate owner while their heirs may wish to be passive owners. A DST can be a powerful estate planning tool since DST interests can be divided among beneficiaries leaving each to decide what to do with their own portion, and the basis on the property steps up to fair market value upon the original owner’s death.
Structure Liquidity over Time: While DST investments themselves are illiquid, they can be utilized to generate liquidity over time instead of liquidating and realizing the entire gain of a real estate investment all in one year. Direct real estate ownership is a fantastic investment for many of our clients, but if you feel that your real estate is no longer serving you in an optimal fashion we would be happy to explore the options with you.
Please be advised that 1031 exchange an other transactions are highly complex and require a team of professionals to properly plan for and coordinate the transaction including the client's tax professionals, real estate professionals, and a qualified intermediary. The actively managed real estate investments provided by CoCreate Financial though its engagement with Realized Financial LLC as a sub advisor may not be suitable for all investors and are only available to those who meet the definition of an "Accredited Investor" and may not be immediately liquidated.
Matt and Rebeka were both discharged from the hospital yesterday afternoon and are recovering well. Matt will have his follow up visit on Wednesday, March 8th and we will be flying home on March 9th!
Matt is recovering well and has mostly been sleeping so far. If you want to send Matt a card you can go to ecards.upmc.com and they will print your card and bring it to him. Here is the information you will need:
Hospital: UPMC Montefiore
Room Number: N1175
Hospital Service/Unit: 11 North
Both Rebeka and Matt are doing great! Rebeka was finally out of surgery at 9:40pm. The new liver started working right away and she is already looking healthier. Thank you everyone for all your prayers and going on this journey with us!
Matt is out of surgery and everything went as planned. He is in recovery now an will be transferred to his room soon. Rebeka's surgery is also progressing as planned and will take about another 5 hours. Thank you everyone for all your prayers and support!
Both Matt and Rebeka's surgeries are progressing as planned, though they started later than we expected. Matt's surgery started around 10:00 and at 1:00 they were about to remove the portion of the liver. At the same time they were about ready to remove Rebeka's liver. All is going well.
[et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text _builder_version="4.18.0" background_size="initial" background_position="top_left" background_repeat="repeat" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"]Both Matt and Rebeka have started their surgeries, and everything is looking good.
Once they are in recovery, you can send an e-card to Matt or Rebeka that will be printed out and brought to them. To send a card, go to ecards.upmc.com and the Hospital we are at is UPMC Montefiore.
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built="1" theme_builder_area="post_content" _builder_version="4.18.0" _module_preset="default"][et_pb_row _builder_version="4.18.0" _module_preset="default" theme_builder_area="post_content"][et_pb_column _builder_version="4.18.0" _module_preset="default" type="4_4" theme_builder_area="post_content"][et_pb_image src="https://www.cocreatefinancial.com/wp-content/uploads/2023/02/PreSurgery-Matt-and-Rebeka-scaled.jpg" _builder_version="4.18.0" _module_preset="default" theme_builder_area="post_content" title_text="PreSurgery Matt and Rebeka" hover_enabled="0" sticky_enabled="0"][/et_pb_image][et_pb_image src="https://www.cocreatefinancial.com/wp-content/uploads/2023/02/PreSurgery-Matt-and-Christa-scaled.jpg" _builder_version="4.18.0" _module_preset="default" theme_builder_area="post_content" title_text="PreSurgery Matt and Christa" hover_enabled="0" sticky_enabled="0"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section] [et_pb_section fb_built="1" theme_builder_area="post_content" _builder_version="4.18.0" _module_preset="default"][et_pb_row _builder_version="4.18.0" _module_preset="default" theme_builder_area="post_content"][et_pb_column _builder_version="4.18.0" _module_preset="default" type="4_4" theme_builder_area="post_content"][et_pb_text _builder_version="4.18.0" _module_preset="default" theme_builder_area="post_content" hover_enabled="0" sticky_enabled="0"]Hi Friends!
First of all, thank you for all the encouragement, support and prayers! Tomorrow is surgery day. We will all be heading to the hospital at 5:00am (Eastern time) and surgeries will start around 7:10am. Rebeka will start first with an internal check to make sure everything is looking good for her to receive the liver before they start Matt’s surgery. Matt’s surgery should take about 5 hours and Rebeka’s will take 12 hours. I will try to post some updates throughout the day. Thank you so much for all your love, support and most of all your prayers!
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section] [et_pb_section fb_built="1" theme_builder_area="post_content" _builder_version="4.18.0" _module_preset="default"][et_pb_row _builder_version="4.18.0" _module_preset="default" theme_builder_area="post_content"][et_pb_column _builder_version="4.18.0" _module_preset="default" type="4_4" theme_builder_area="post_content"][et_pb_video src="https://youtu.be/vqifM8g92WE" _builder_version="4.18.0" _module_preset="default" theme_builder_area="post_content" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]If you own rental properties, in the last year and a half you probably have asked the question, “Should I sell?” Maybe it is a thought you have quickly pushed to the side, or maybe you have already unloaded a property or two and are deciding how to best utilize your proceeds. There is a collection of reasons every landlord is asking this question right now and they are important to examine. But even if you decide you should sell a property, the next question is if you can do something else with your proceeds to replace the steady income you received form your rental. In this article we are going to examine the reasons why you should carefully evaluate your real estate holdings at this moment, the considerations you should include in your evaluation specific to your property and situation and finally how you can structure investments to replace, and maybe even improve, the income you received off your real estate.
It is no secret that many investors have been off-loading their rental real estate holdings, especially residential rentals. There are some obvious reasons as to why this is the case, and there are some additional reasons that are less popular to discuss. Let’s start with the obvious. The shut down orders precipitated by COVID caused people to value “home” more and sent many people looking for larger spaces and the prices of homes skyrocketed. There are some additional reasons for the dramatic increase in home prices, but we are not going to get into all of those here. Suffice it to say that we have had a national housing shortage for many years and the US Government’s response to COVID created a perfect storm. It really doesn’t matter where you are in the country, home prices had a significant jump (even Detroit is up more than 18%)[1]. As a landlord, it is natural to ask, “If the market is high, is it a good time to sell?”
In the investment world we are always talking about risk vs. return. Now, the relationship between risk and return is not as clear cut and consistent as many would have you believe; however, it is only logical that if you have a higher risk, you should demand a higher return to compensate you for the additional risk. In March of 2020 the US shut down, and as all landlords are aware, one of the emergency orders put in place was the eviction memorandum which prohibited landlords from evicting tenants for non-payment of rent if their inability to pay was related to COVID. In its initial form, the eviction memorandum was intended to be short term, but it extended over a year and a half.
There are many types of risk, one of them is regulatory or governmental risk and this is a prime example. Our government changed the rules and in doing so changed the risk of owning residential real estate rentals. We have now entered a reality in which if you have a renter who stops paying rent you may not have any recourse for a significant period of time depending on what is going on in the world. If these moratoriums become precedent, these government sponsored rent droughts might occur on a more frequent basis than we would like to envision. Technically, under the recent eviction moratoriums the tenant will still owe all of their back rent, but if they stop paying for a year, we all know it is unlikely you will ever see that money. An investor has two reasonable options when risk is suddenly elevated – they can demand more return, or they can sell the investment. We have seen this take place very clearly as landlords have responded by raising rents and/or selling their rental holdings.
While some owners of residential real estate are large apartment complex companies, many are individuals that own a handful of properties, or maybe even only one or two. For the companies that have many units, the risk, while still elevated, can be dispersed among their many holdings. This is more difficult for the investor with only a few properties. In this case, a tenant who stops paying may have a significant impact on your ability to pay your own bills and it is difficult to raise the rent to a level that would mitigate or appropriately compensate you for this risk. While often effective, real estate rentals are frequently not diversified—a concentrated risk for a property owner. It can be highly effective when things are going well, but unmitigated catastrophe when things turn sour. I want to pause here for a bit of a sidebar. This elevated risk of residential real estate rentals highlights the significance of having appropriate cash reserves. If you determine the best choice is for you to maintain some or all of your rental properties, it is critical that you maintain appropriate cash reserves. The determination of the right amount of cash reserves is specific to your situation and your various income sources, but I would at least start with asking “could I still pay all my bills if I had no rental income for a year?”
Rental properties are attractive to many investors because of their ability to provide a steady income stream. Many people utilize a strategy of acquiring a rental property during the wealth accumulation phase of their life through conventional home financing, using the rents to pay the mortgage on the property so that it is paid off around the time of their retirement at which point they can take almost all of the rents as income. Whether or not you have started using your rental income for your living expenses, the goal is to create steady income at some point in time. The good news is that there are multiple ways to create steady income streams that are diversified and give you far more flexibility than a rental property.
At CoCreate Financial we craft portfolios owning high quality, stable businesses that are committed to paying their owners a portion of their profit in regular increments. This functions a lot like a good real estate investment. As an owner you receive both compensation for your ownership through these dividend payments (similar to rents), as well as appreciation of the value of your shares as the company continues to grow and increases their dividend payments over time. This method provides a steady income stream as well as greater flexibility in your finances than owning real estate.
Let’s start with examining the income stream in a bit more detail. Dividend payments on equity investments are generally expressed as a percentage of the current value of the share of stock, however, they are actually a set dollar amount established by the Board of Directors of the corporation and are generally paid out quarterly or semi-annually. The Board of Directors will typically evaluate the dividend on an annual basis, so it does not change with fluctuations in the market. We look for companies who have a long history of regularly increasing their dividend and have the available cash flow to continue doing so. This means that dividend payments continue to come into your investment account (or personal checking account if you so choose), even when the market is in a slump, providing stability to your cash flows.[2] Investments selected for their financial strength and dividend-paying consistency typically do not decrease their dividends in turbulent times (they often increase their payout). The other advantage of a diversified dividend-paying portfolio is that it provides a rising stream of income which is more resistant to inflation than most other methods of generating investment income and does not require you to actively increase a tenant’s rent.
But, as in real estate, we want to see a portfolio that appreciates as well as produces income. The good news is that this is also a benefit of high-quality dividend-paying stocks. And, to make things even better, the growth of each stock’s value in your portfolio is based, in large -part, on the present value of real cash flow and not solely on speculation about its future sale price. When you buy a company that pays a dividend, you are buying an income stream. As the company continues to raise their dividend over time, the value of the income stream rises which drives the value of the underlying security.
Okay, let’s say you are concerned about the newly amplified risks in residential real estate and/or you are attracted to the prices you are seeing similar properties around town. Before you give your tenants notice and throw up a for-sale sign, you want to make sure you have made a full analysis of your situation.
The current long-term capital gains tax rate tops out at 20% and this will likely increase in the very near future based on legislation proposed by democrats in Congress. However, there is generally another component of rental real estate taxes which is depreciation recapture. You will recall that owning real estate has been great for your taxes. This is because the IRS allows you to deduct depreciation, which is supposed to account for an asset being used up or worn out. This is a little different for real estate than a business vehicle because real estate typically appreciates in value. Essentially, when you sell the property, if it has appreciated in value the IRS wants to recover those previous tax breaks from you.
The calculation for depreciation recapture is a bit complicated and very specific to your situation, so we are not going to get into the details of it in this article. If you are considering selling a rental property, it is very important you discuss the tax implications with your CPA so you have a clear understanding of how much is going to be shaved off your proceeds for taxes. You may also be able to mitigate some of your taxes through retirement plan contributions and such, but to maximize your options you will want to be sure you are planning well in advance.
In addition to being aware of the tax implications, do not forget to also account for the cost of selling your property. Typically, sellers pay the closing costs of real estate transaction at 6% of the sale price.
When you compare your other investment opportunities it is important that you use your estimated net proceeds from your real estate sale, not the market value of the property. Your net proceeds are what you have left after sale costs, taxes and paying off any loans against the property.
The unfortunate reality is that while real estate investments have been one effective workhorse wealth building and income strategy for a long time, the amplified risks demand careful evaluation by every investor. There will certainly continue to be opportunities in real estate, but these should be considered in the context of the newly established precedent in the current regulatory environment. Especially for individual investors who rely on the income from their real estate investments, a strategically managed, dividend focused portfolio may prove to be a more flexible, diversified and efficient investment. If you are starting to consider transitioning out of a real estate investment, or are in the process of finding a replacement income stream from the recent sale of property, schedule a call with one of us to start exploring your options.
[1] Source: Case-Schiller MI-Detroit Home Price Index as of 10/12/2021.
[2] Disclosure: while many companies have routinely increased dividend payments for decades, Dividend payments are determined by the board of directors, are subject to the financial condition of the issuing company and cannot be guaranteed.
It is a big decision to engage a professional financial advisor and it is helpful to know what you should expect in the process. At CoCreate Financial, we work a little differently than most firms. This article will give you an overview of the process we use to allow clients to explore our firm and initiate an effective, long-term planning and asset management relationship.
We are an intentionally small firm providing highly personalized investment and wealth management services to our clients. Our clients are people who are connected to their purpose. Rather than managing their investments and obsessing over the details of their financial plan, they want to be engaging the people close to them, building their businesses, experiencing the joys of life, and serving their community. We come along side our clients and work to align their financial resources to support them in pursuing their passions and the things that matter most in life.
In order to accomplish this, we have to be the right fit for each other. We have designed our process so that we can both evaluate the potential of a long-term professional relationship along with exploring the specifics of what your financial planning process will look like before either of us makes a commitment.
The first step is to schedule a 30-minute “Find out about CoCreate” phone call by visiting cocreatefinancial.com/schedule and picking a time that will work for you. On the phone call, we will want to hear about the basics of your financial situation as well as your goals and plans. We will ask lots of questions to gain an understanding of who you are and where you want to be headed. We will share about our firm and an overview of how we would engage in your specific situation.
If it appears that we might be a good fit, we will continue the process by scheduling a 1 hour in person (or remote) meeting. Generally, we will also request you provide us with some specific documents and information regarding your situation and the items we discussed before the next meeting.
At our 1-hour meeting, we will examine your situation in greater detail and with more specifics. As we go through the meeting, we will outline the beginnings of your financial plan and how we would assist and support you throughout the different stages of your life. We will discuss any financial questions you have as well as any questions regarding our firm and process.
We will end the meeting with requesting you take some time to consider if our firm is the right fit for you as we do the same. We will call you within a few days to let you know if we determined our services will be able to effectively meet the unique needs of your situation and if we believe we are a good fit for working with each other. At that point, you can let us know if you are ready to start moving forward, or take more time to decide if necessary.
We value this process because we believe it sets us on a path for productive, long-term relationships with our clients. We take a limited number of new clients per quarter in order to ensure a great experience for both our new clients as well as our existing clients.
We hope this overview is helpful in understanding what to expect if you chose to explore working with our firm. If you would like to start a conversation about how personal financial planning may benefit you, schedule a 30-minute phone call with us today. We look forward to talking with you soon!
There are a lot of opinions swarming around the world about financial matters and a plethora of places to turn for financial advice. One prevalent conversation that frequently comes up is the belief that paying off your mortgage and owning your residence free and clear is a key step toward financial freedom. While it is obvious that having less debt and more assets is a good thing, the problem comes when the concept is simplified to Mortgage Free = Financial Freedom. Let’s take the time to explore what paying off your mortgage does and does not accomplish for your financial situation.
There is no question that housing expenses are a sizeable chunk of most people’s monthly budgets and is frequently the largest bill that a person pays. The idea of eliminating this payment sounds like a great way to free up cash flow or allow yourself to live on less. The first point that is critical to remember is that generally, your mortgage payment includes more than your mortgage. It’s likely that about a third of your mortgage payment is going to an escrow account to pay your home insurance premiums and your real estate taxes. It would be a big reduction in your monthly payment to not have your mortgage, but don’t forget to factor in paying your home insurance and property taxes directly in your post-mortgage budget.
Another important question to ask when evaluating if paying off your mortgage early should be a goal for you is, what are your long-term housing plans? Do you intend to stay in your current home forever? Do you hope to upgrade? Do you dream of building a custom home? If your goal is to stay in your current home forever, eliminating your mortgage payment as soon as possible could be a great plan. However, if you plan to move to a different home, and especially if you hope to build a custom home you may creating unnecessary challenges for yourself if you start throwing extra money at your mortgage.
If you plan to purchase a different home before your mortgage is paid off and sell your existing home, there could be some significant advantages to building up cash savings instead of paying extra money toward your mortgage. Having significant cash available allows you to have greater negotiating power and flexibility when searching for your next home that is not dependent on the sale of your existing home.
If you hope to build a custom home someday, this is even more significant. Generally, when you build a custom home you need to purchase the land and qualify for construction loans that require hefty down payments. If you have significant equity in your home, but no cash on hand this becomes much more challenging.
We have been in a long season of historically low interest rates. This means that your borrowed money is cheap. It is common to see interest rates on 30-year fixed mortgages around 4%, which is drastically different than when mortgage interest rates were over 18% in the early 1980s. Good financial advice is always situational. You should always ask yourself, “Am I using my money in the most productive and beneficial way possible.” If you have a low interest rate on your mortgage, you may end up much farther ahead putting additional money into your retirement account or an accessible investment account than putting extra toward your mortgage. Not only are you likely to earn a larger percentage in an investment account than your interest rates, that extra money will compound in your account year after year.
Don’t settle for someone else’s dream. What does financial freedom mean to you? Paying down your mortgage could be a great step to accomplishing your goals, but I doubt your life mission is to own a home fee and clear. Don’t accept the easy answers and ask yourself the hard questions and keep asking them because over the course of our lives our answers can develop and change. What is most important in life? What are the things you truly want to accomplish? What does success mean to you? What do you value most? Once you answer these questions, we can determine how best to structure your finances to support your life mission. Remember, financial goals are never really the goal.
I am excited to be restarting my career as a Financial Advisor at Co|Create Financial. After about a year and a half out of the industry, I am drawn back because of how significant money is in each of our lives and the incredible depth at which I am able to equip and empower people by helping them with their finances. In reality, money is connected to everything we do and everything we value. When we recognize that and work to ensure that our financial resources (and all our resources) are aligned with what we value and who we want to be each of us has unstoppable potential.
I have spent the last year as the First Impressions Director at Journey Church. The focus of my role was to equip volunteers to create a more inclusive and inviting culture and create a deeper sense of community. It was a very fun role and I got to help people grow in multiple dimensions as they served one another and built relationships. At first glance this may appear very different than my work as a Financial Advisor, but it is really all about equipping people for purpose and significance. This is what I have been passionate about in every professional opportunity I have engaged.
However, I find that there is something I love about getting to work with people in regard to their finances. Money is an intense source of stress for many people, but one that is frequently buried and ignored. When we engage with our financial resources instead of running from fear and stress we are able to see ourselves more clearly and put ourselves on the trajectory that we want to go. We unleash bounding potential when we stop fearing our finances and start orienting them purposefully.
When we do not choose to be purposeful about our money it is the silent force that controls our lives in all the wrong ways. We miss out on opportunities, play it safe in mundane mediocrity instead of pursuing our passions and we trade investing in living a significant and meaningful life for things the marketing people tell us we want. We live lives of financial stress that spills into all areas of our life, always left feeling wanting and realizing that we have very little for all the money that has slipped through our fingers.
I am a financial advisor because I believe in stepping into a different reality. One where we understand the significance of money but put it in its proper place in equipping us to live meaningful, significant and fulfilled lives. How you use your money is the most transparent window to your soul. If you show me what you spend your money on, I can tell you what your priorities are. I’m not talking about your lofty and idealistic priorities of who you want to be. Your money clearly communicates your functional and lived priorities.
Financial advising is about closing the gap between who you want to be and who you are so that your resources propel you forward on your life mission and purpose. I love equipping people to live lives of meaning and purpose and as a Financial Advisor I get to help people think about, manage and structure their financial resources for significance both in the present and throughout the many years and seasons of life.
