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Just Answers - Estate Planning - Considering a Second Marriage Late in Life
As the life expectancy of people in the United States increases, the reality of second and third marriages becomes more likely even for those who tend to marry for a long time if not
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
until the death of their first spouse. Widows and widowers are increasingly likely to meet and decide that a second marriage is an excellent way to avoid spending their autumn year
; 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 alone and that love is not the exclusive province of the young. It is often a surprise to adult children to meet the boyfriend/girlfriend or husband/wife of their elderly parents.
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
However, remarriage later in life creates a unique set of legal questions that those who are getting married don’t often think through. For example, many older clients take it for
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
granted that their adult children will inherit from them when they pass away, because the majority of their property and life has been spent with their previous spouse who was often
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
a co-parent to those children and the one who helped to build or sustain the family assets. But, a new marriage means that the marital property is governed by the laws of the new ma
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
rriage. Absent any prenuptial agreement, the surviving spouse would, in most jurisdictions, receive at least half of the marital assets, which means that the adult children from the
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
first marriage might be in for a big surprise if they think the family home that their family has owned for years will become theirs.
Another problem is that as people get older the
Another problem is that as people get older the
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
y often move to places where it is warmer. This means that they move to states where they have not traditionally lived before and these states not only have different (warmer) clima
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
tes, but different laws as well. If they spend the colder months (or the entire year) in these states, it becomes increasingly likely that they will pass away in these states. But
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
are the laws of the state in which they pass away the ones that control the transfer of their assets or do the laws of where they have lived most of their lives control that transfe
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
r? If they have a will, then this question becomes even more complex. Often the real property (real estate) assets are governed by the laws of the state in which they sit, whereas
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
the personal property (bonds, stocks, money, possessions) are controlled by the laws of the state that is their final residence.
The problems that are created by second marriages sh
The problems that are created by second marriages sh
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
ould not be taken lightly. It is important to talk these things through with your future spouse because, chances are, they want to make sure that their adult children get their asse
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
s upon their passing just as much as you do. If you don’t have a frank discussion with your would-be spouse, you may end up causing all those whom you love a great deal of heart ach
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 and confusion as they struggle to figure out what would be best and what you would have wanted. This happens every day -- earnest people do their best to honor their deceased love
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
d one, but honestly and simply disagree about what he/she would have wanted; a situation further complicated by those who just want to fight for any dollar they can get.
Consult wit
Consult wit
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
an attorney who can help you set up an agreement waiving certain marital rights that may be tailored toward married couples who start out together, rather than those who meet later
.
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
in life’s journey. Be prepared to be honest and up front about what you want and ask your attorney what kinds of problems they commonly see with respect to estate planning and autum
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
n romances and how they think such problems are best avoided. Your attorney will have plenty of good ideas that will ultimately help you safe-guard the important people in your life
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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