Page 35 - MetalForming June 2010

DieProtection for
Lean
Error-proofing concepts for toolmakers and die designers
Manufacturing By Drew Stevens
This new book from the Precision Metalforming Association is written by long-time die-sensor expert Drew Stevens, who shows readers step by step how to develop modern sensing technologies for the pressroom and apply them to a lean- manufacturing environment. “Slow stamping-press speeds and frequent die crashes are not acceptable,” writes Stevens, “and the manufacturers that choose to shift their thinking to new technologies will prevail in the world metalforming market.”
To learn how to protect investments by applying sensors in your metalforming operation and support your lean- manufacturing directives, order a copy of Stevens’ book today.
Call Marlene at 216-901-8800 x127 Online at www.pma.org and visit our Online Store
Step 3—I prepared a “discussion agenda” in outline form that detailed every strategy that might apply to Joe’s situation for the two plans to be creat- ed: 1) an estate plan and 2) a lifetime plan (from today until Joe dies). The two plans dovetail.
Step 4—We (Joe and I) spent almost 90 mins. discussing the items on the agenda and agreed on the plans (death and lifetime) that now needed to be turned into documents. It should be noted that Joe decided not to have his wife Mary on the agenda call (about half of my clients have their spouse on the call). At my request, he agreed to get Mary’s consent that the plans were okay with her. Joe honored my request and Mary actually called me twice with some good questions.
Step 5—Time for my “network” to go to work. The network is my admis- sion that none of us know it all, certainly not me. So, after the agenda call, I wrote a detailed report for the network lawyer, so he could draft the necessary docu- ments to implement the plans. Joe sent his current-estate plan documents to the lawyer. We kept the documents that were compatible with the new plans and amended or rewrote the rest.
My network insurance consultant reviewed Joe’s life-insurance policies. In the end, my insurance consultant was able to increase Joe’s death benefits from $2 million to $3.45 million with- out any increase in annual premiums.
The lawyer and insurance consultant called Joe to get acquainted, ask ques- tions, answer Joe’s questions and get some additional information so they could do their professional work.
Step 6—The lawyer wrote a concept letter that explained every strategy to be used in the new plans. I reviewed the let- ter, made a few suggestions and the lawyer e-mailed the letter to Joe. It is important to note that the letter had nothing new in it for Joe. The purpose of the letter was to put in one place all the details of the plans that Joe, the
lawyer and I had agreed to in one place in easy to understand language. Separate calls from me and the lawyer made sure that Joe and his wife were comfortable with the plans. When Joe said, “Yes,” the lawyer proceeded to the next step.
Step 7—The lawyer drafted the nec- essary documents that together made up the two plans: lifetime and estate. After he approved the documents, Joe had his local lawyer review the docu- ments, and Joe signed them. Of course, the local lawyer asked some questions before the signing, and he thanked us for completing a task he did not have the expertise to do.
Step 8—The insurance strategies Joe ultimately used were determined by the network lawyer and myself. The net- work insurance consultant prepared all of the proposals (from six different insurance companies) and explained them to Joe. The amount of insurance ($3.45 million) was determined by Joe and I. My arrangement with the net- work insurance consultant is clear: He cannot sell any insurance or suggest an amount. His function is to supply the best possible information, so the client makes the decisions of how much insur- ance is needed and ultimately bought.
The result: Joe and his family will save about $3.7 million in estate taxes, and his family will get an extra $1.45 million in tax-free life insurance.
In just 5 months, we progressed from my first contact with Joe to having a complete plan. How much time did Joe actually spend? When I asked him he didn’t know exactly, but his best guess wasatotalof3to4hr.
Even Joe, a rather conservative and very busy guy, said, “The best invest- ment of my time I ever made.”
Whether your estate plan is done or about to be done, check with your advi- sor to make sure your plan will deliver all your wealth to your family and that your lifetime plan works with your estate plan. Any questions, call Irv at 847/674-5295. MF
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