Your loved one contributed to your family in many ways—including financially. In the aftermath of your loved one’s death, you may be wondering how to maintain your family’s standard of living, how to keep your children in their home, how to put food on the table, and how to make sure that the financial loss doesn’t make this horrific time any worse.
Protect Your Right to Recover for Lost Income in a Wrongful Death Case
Part of the damages that you may recover in a wrongful death action include compensation for any income that your loved one was unable to earn from the time of the accident until what would have been his anticipated retirement date. This includes, but is not necessary limited to:
- Bonuses and other compensation agreements.
- Work benefits.
- Income from being self-employed.
- Certain government benefits, such as Social Security disability.
Generally, any reasonably anticipated income may be compensable.
How to Reasonably Anticipate Future Income
When determining how to compensate future earnings in a wrongful death case, the court will take into account a number of factors. These factors include:
- Current income. The greatest factor on what the dependents will receive for lost income is the current amount the deceased was making at the time of the accident. Once this amount is established, the court will use this baseline to calculate other factors as well.
- Working years left. The figure that was set for the deceased victim’s current pay will be calculated for the amount of years he had left working with reasonable raises and bonuses included.
- Retirement years. Also figured into the future lost income is the amount the victim would have made during his retirement years. A table for likely life expectancy is commonly used to figure this amount.
It is hard to think about money while you are grieving the loss of a loved one. However, it is important to think about the future. You may be okay in the short term without your loved one’s income, but will you be able to maintain your standard of living indefinitely?
You have the right to recover what the law allows you to recover for wrongful death damages, and that includes lost income. Talk to an experienced and empathetic lawyer today to find out more about how to protect your rights and your fair recovery. Our law firm is available around the clock, every day of the year, to schedule your free, no-obligation consultation. Please start a live chat with us or call us directly to learn more.