Loss of Future Income In Norfolk, VA Wrongful Death Cases
When you lose a loved one due to the negligent actions of another, you can collect economic and noneconomic damages. These damages are meant to compensate a family for the financial and emotional burden caused by the loss. Although this compensation does not bring your loved one back, it can help you maintain financial stability. Specifically, compensation for loss of future income in Norfolk wrongful death cases is meant to help your family survive following the loss of your loved one’s earnings.
A detail-oriented wrongful death attorney can explain how loss of future income is calculated. The attorneys at Cooper Hurley Injury Lawyers can then work with you to get the full compensation you deserve.
Factors Considered in Norfolk
A number of factors are used in calculating the loss of future income. These factors include the person’s age, the length of time they would have continued to work, their education, possible promotions, and their projected growth of future income. There may additionally be certain union benefits the person was entitled to such as pay increases as they age, preferences for jobs, or preferences that should be included in these calculations.
Quantifying the loss of future income is a multi-dimensional picture. The person making the calculations should know the right questions to ask or they may miss an important factor. For example, soft benefits might not show up in a paycheck such as contributions to a 401K by the employer or health insurance that was paid by an employer are important to consider. All of these factors must be identified and quantified to calculate the most accurate figure for the lost income. An attorney with experience making these calculations can use this information to understand the loss of future income for a specific person.
Who Calculates Loss of Future Income?
Calculations for loss of income is determined on a fact-specific case-by-case basis. If the calculations are not too complex, they may be done by a fellow employee, a supervisor, someone from Human Resources, or a relative as long who has first-hand knowledge of the job and the decedent’s earnings. When the calculations are more complex, for example if the decedent is a younger person who is entitled to promotions or a longshoreman who is entitled to more benefits as they get older, an economist may be hired to identify the factors, calculate the numbers, and be the expert witness on the economic loss.
Determining who does the calculations for loss of income depends on the complexity of the person’s job, their age, education, and their potential for upward mobility. Regardless of who makes the calculations, it is important to have an attorney who knows how to present the economic claim in a way that rebuts the insurance company’s expert.
An Attorney Can Discuss Loss of Future Income in Norfolk Wrongful Death Cases
If you have questions about loss of future income in a Norfolk wrongful death case, it is important to reach out to a knowledgeable attorney. A lawyer can help you understand the calculations and what factors are important to consider. If you lost a loved one due to the negligence of another, call Cooper Hurley Injury Lawyers for a free consultation.