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Amortization of Intangible Assets. To illustrate the amortization of an intangible asset, imagine XYZ Biotech spends $30 million dollars on a patent with a useful life of 15 years. Theoretically, to account for the expense over a 15-year period, XYZ Biotech records $2 million each year as an amortization expense.
There are maintenance fees to be paid during the life of a utility patent, and if they are not paid on time the patent will expire earlier than the maximum 20-year-from-filing term. After the patent expires, the invention is available to all. Design Patents are valid for a period of 14 years from the date of issue. This will increase to 15 years from date of issue for patents granted on applications filed on or after May 13, 2015, the date that the USA deposited the paperwork necessary to ratify the Hague Agreement.