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Keeping your assets and inheritance matters private, avoiding the costs and frustration of Florida probate, completing a swift legal asset transfer to legal heirs is why Florida living trusts have snowballed in popularity with the "snow-bird" set.

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

g>Tip #1 Florida Estate Planning To Avoid Probate Costs. Florida living trusts are all about taking smart and legal planning steps to minimize complexity, cost and grief following death. Remarkably, thousands of people fail to prepare their estat

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

Examples of combination products may in

e for legal transfer. Age, ill health or an accident leaves them incapable, incompetent or worse! Result? Their entire estate, along with the unraveling of taxes, creditor obligations and more "defers" to the probate court.

* What Probate Costs 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.

milies! Families and estates without properly constructed asset transfer documents like the revocable Florida living trust, could lose over 20% of the estate's value to court administrative and attorney fees, and up to three years or more in cour

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

t time, add-in a chunk of grief and frustration, and then ice the cake with the time-value cost of financial assets taken out of the market for the probate period. And, don't forget your family's total loss of privacy...while a Florida living trust render

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

Combination pro

s the asset details and transfer utterly private, the Florida probate court is an "open book" for any snoopy neighbor or investigative reporter to pour over.

Tip #2 What About Taxes And Asset Protection In My Florida Living Trust.

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

>* No Tax Benefit. Florida living trusts do not provide any tax benefits at all. Ordinary earned income and/or capital gains and losses, partnership income, rents and the like for all the assets "funded" into the Florida living trust are treated

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

for taxation purposes on your personal or joint tax filing. The only exception may be Florida living trusts where the combined estate asset "community property" of a husband and wife exceed the then current Federal estate tax exemption figure.

*

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

No Asset Protection. Florida living trusts also do nothing about asset protection from creditors or judgment lawsuits. If you personally own an asset, and if that asset is not protected or legally sheltered, and if you "lose in court", then the l

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

tigating party or plaintiff will likely obtain a judgment order to reach-in to your living trust and legally remove the target asset.

Tip #3 Picking Your Trustee And Successor Trustee. If you want to personally direct your Florida living

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

trust business, then as grantor or settler you can appoint yourself as the initial Trustee. Make sure to instruct for a "successor Trustee" who is the person ... or institution like a bank or law firm ... who will have the actual job of distributing the

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

Following aspects would a

assets according to your instructions, and complying with all filing and statutory requirements under Florida State law.

Tip #4 You've Got To Hire An Attorney - It's The Law. Reviewing assets, preparing a revocable Florida living trust f

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

r inheritance matters, and entering into a legal service contract requires that the preparer be a Florida State bar certified attorney. Any other situation constitutes illegal practice of law within Florida, and is punishable. Your Florida estate attorney

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

has a multi-part role ...he or she will identify all your assets, make sure that they legally transfer into your inter vivos revocable Florida living trust.

Tip #5 Getting Your Assets Together. What empowers your Florida living trust is

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

both its form, its administration and whether it has been legally "funded". In layman terms this means that all of your assets ... both in Florida or any other State ... must be legally transferred in title and control to your Florida living trust. Asset

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

that you forgot about or didn't manage to transfer prior to your death could get bound up in probate, and will impact your heirs in ways they don't need to experience. Walk carefully when handling 401K or IRA retirement accounts, in order to ensure that

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

Professional from academic institutions, pharmaceutical industries, health care indust

changes to beneficiary designations are handled correctly.

Tip #6 Your Florida Living Trust Is Your Estate Planning "Alter Ego". Think of your living trust as a documentary form of You ... what you've worked for your entire life, the ass

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ets you've created, and your preferences for inheritance are entirely captured by your Florida living trust. You "fund" the trust with your financial and real property assets. You can amend it or determine the trust's day-to-day business ... it's revocabl

.

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

... up until the time of your death. Thereafter, no change is permitted. Your Florida living trust reverts to an "irrevocable trust", managed by your successor trustee under strict rules until all assets have been legally transferred, taxes paid, and cre

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ditors paid.

Bottom Line. If you're looking for privacy, and potentially significant cost and time savings to your heirs, without the imposition of court-ordered probate, then examine further the increasingly popular Florida living trust

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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