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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

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

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

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

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

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,

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

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

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

ttorney to settle the estate.

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

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’

tions increase the patient compliance?
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

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

ping new procedures for reviewing their safety, efficacy and quality.

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

.

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

an estate. Make the most of your estate planning time and dollars, create a revocable living trust.

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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All good Ad Copy has those words that intice the customer to buy and buy now. Read this article to see if you are putting these words of power in your ad copy.

One of the challenges faced by new sellers who want to make money on eBay is exactly what to say in their listings. Sure they know the basics such as brand name, what the item is, and a little bit of information about it, but they are unsure how much detail to include. Besides they know that anyone who doesn’t find the information that they are seeking in the listing will simply email questions.

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