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Top Adding - Estate Planning Made Easy....Easier
Special Reports for Capital Financial Advisory Clients
Estate Planning made easy....easier!
A major intergenerational transfer of wealth is underway, like nothing before see
Estate Planning made easy....easier!
A major intergenerational transfer of wealth is underway, like nothing before see
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
n in this country—or the world, for that matter. Estimates from the Federal Reserve Board have the richest 5% of U.S. households likely to pass along nearly 60% of the nation’
; 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
s wealth within the next 50 years.
With that kind of money on the table, having a “do-it-yourself” estate plan—or even worse, none at all—can lead to potential big-dollar mis
With that kind of money on the table, having a “do-it-yourself” estate plan—or even worse, none at all—can lead to potential big-dollar mis
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
akes.
A good estate plan allows for transfers of wealth to take place at minimum cost (including taxes) and insures that the wealth ends up in the hands of proper beneficiari
A good estate plan allows for transfers of wealth to take place at minimum cost (including taxes) and insures that the wealth ends up in the hands of proper beneficiari
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
es with a minimum of hassle.
The following are a number of areas where I often see mistakes made by do-it-yourself planners.
Taking advantage of current estate and gift tax
The following are a number of areas where I often see mistakes made by do-it-yourself planners.
Taking advantage of current estate and gift tax
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
aws. For instance, wills and trusts done before September 12, 1981, probably do not have language allowing a couple to take full advantage of the unlimited marital deduction.
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
This may result in unnecessary estate taxation when the first of the two spouses dies.
Family additions, deaths, and divorce. Multiple marriages, “his, hers, and theirs” fami
Family additions, deaths, and divorce. Multiple marriages, “his, hers, and theirs” fami
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
lies, and having children are all common. So are failures to replace a past spouse’s name, add new children, and otherwise reflect changed realities in a will or trust.
Power
Power
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
of attorney. As we Americans live longer, the risk increases that a court may order guardianship. This expensive and cumbersome process can be avoided with proper powers of a
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
ttorney in place. A power of attorney for health care ensures that if you cannot make decisions yourself, a person of your choosing can decide what care is appropriate, who wi
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
l provide it, where you will be treated, and how it will be paid for. A PoA for financial management allows your “attorney in fact” to make decisions on property management an
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
d disposition, access your retirement accounts for living expenses, file your tax returns, and make estate planning decisions, including gifts and formation of trusts.
Benefi
Benefi
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
ciary designations. Improper designations of life insurance, annuity, and retirement account beneficiaries can turn a simple situation into chaos. I often see instances where
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
ne spouse has had multiple jobs, with multiple 401(k)s or IRAs, and multiple marriages. If that spouse dies leaving old 401(k) plans or company-sponsored group term life insur
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
ance to an ex-spouse, no marital exclusion applies and the estate is taxed for the transfer. To add insult to injury, in most cases this reduces the current spouse’s inheritan
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
e.
Another common error occurs when the estate is the beneficiary of a retirement plan, so that income taxes are immediately incurred that might have been deferred by naming
Another common error occurs when the estate is the beneficiary of a retirement plan, so that income taxes are immediately incurred that might have been deferred by naming
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 individual beneficiary.
Gifts to charity. If an estate has no tax liability, charitable gifts from it do not create tax deductions. But leaving money or property to an hei
Gifts to charity. If an estate has no tax liability, charitable gifts from it do not create tax deductions. But leaving money or property to an hei
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
r with the expressed wish that he or she pass it on to a named charity will probably allow the heir to take a tax deduction by making the donation.
“Deathbed checks.” A check
“Deathbed checks.” A check
.
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
can be a last-minute gift qualifying for the annual $11,000 exclusion—if the check clears the bank while the giver is alive. So wire transfers or certified checks should be us
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
ed when possible.
For the above and similar reasons, I recommend seeking competent legal counsel and financial advice for drawing up wills, trusts, and other estate documents
For the above and similar reasons, I recommend seeking competent legal counsel and financial advice for drawing up wills, trusts, and other estate documents
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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