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Social Articles - Will or Trust? The Wrong Choice Could Cost Thousands
When planning your estate,what costs more, a will or a trust? Since an attorney
can prepare an average will for $400 to $500 and set up an avera
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ge trust for
about $2,000 to $2,500, your decision is made, right?
But wait, there is more to it! You don't have to be a CPA to figure that it
But wait, there is more to it! You don't have to be a CPA to figure that it
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
costs five times more to set up the average trust than the average will. The
key words here are “set up.” The prices I just quoted are f
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
r exactly
that—“setting up” your will or trust. Those up-front costs don’t include the
cost of administering your wishes after your deat
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
.
Probate Fees Please Attorneys
When you die, what does it cost to carry out your carefully laid plans? Many people believe it’s simpl
Probate Fees Please Attorneys
When you die, what does it cost to carry out your carefully laid plans? Many people believe it’s simpl
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
the cost to create the
document that plans their estate: their will or trust. If your attorney draws
up a will for you, it may cost $400. Howe
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
er, upon your death, your estate goes
through the probate process.
The fees for settling your estate could easily reach $10,000 (the averag
The fees for settling your estate could easily reach $10,000 (the averag
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
cost of probate). Now the total cost of
settling your estate isn’t $400—it’s a whopping $10,400. This explains
why a will is one of
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
the most expensive legal documents in this country and why many attorneys prefer to draft a simple will rather than spend the time and effort cre
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ting and funding a trust.
No Court or Attorneys Required With A Trust
Remember that the average trust costs $2,000 to $2,500 to set up,
No Court or Attorneys Required With A Trust
Remember that the average trust costs $2,000 to $2,500 to set up,
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
but there’s no probate. A trust eliminates the total cost of
probate and that potential $10,000 probate fee.
Your successor trustee has
Your successor trustee has
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
he immediate right to distribute your property according to the plan
described in your trust. He doesn’t have to go to a court or even hire an
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ttorney to settle the estate.
Your successor trustee might feel unsure about how to distribute your property according to your trust and want t
Your successor trustee might feel unsure about how to distribute your property according to your trust and want t
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
have some counsel
and advice. Often, the successor trustee will go to an attorney to review the
trust document and learn how to proceed.
Let’
Let’
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
assume this happens. The attorney visits with the successor trustee and may prepare some transfer
documents. The attorney charges a few hundred
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
dollars for this service. (The
average fee to review and help settle an estate with a trust is about $500.)
Now the total cost of your estate p
Now the total cost of your estate p
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
an is $2,500. Compare this to using a will
for your estate plan, which would cost $10,400. Again, it doesn’t take a CPA to figure
out that a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
will actually costs four times more than a trust!
Most Likely to Be Contested, High Costs to Settle
Remember, of all legal document
Most Likely to Be Contested, High Costs to Settle
Remember, of all legal document
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
, a will is the most likely to be contested. A will is also
one of the most expensive legal documents because of the total costs to settl
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
an estate. Make the most of your estate planning time and dollars, create a revocable living trust.
Copyright 2007, Legal Awareness Series, LL
Copyright 2007, Legal Awareness Series, LL
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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