Fatalities do not have price tag ranges. Neither, can the loss of a loved one be eased by any amount of compensation or money. However, judges presiding over wrongful death lawsuits have to place an amount on the losses estate beneficiaries suffer. Here are three things you should be aware of concerning wrongful death lawsuit compensation.
Wrongful Death Settlement Factors
Placing a monetary value on any life is an incredibly difficult task that a wrongful death attorney has to determine. But, several factors are considered to reach a certain amount. Some of these include:
- The deceased person’s age
- The earning capacity of the deceased
- State of health of the deceased
- Income of the deceased at time of death
- The Circumstances and age of the deceased’s dependents
- Deceased’s education and training
- Expenses incurred for the deceased such as medical bills
- Funeral expenses
- Value of lost benefits like health insurance and pension
Payment
Settlements from wrongful death cases are often paid out the insurance provider providing liability coverage for the firm or person on whom the death is being blamed. Insurance companies have a policy limit amount on their insurance policies, and above which the company does not pay but requires the individual blamed to cover. If an individual has insufficient insurance coverage, they are personally held responsible for any settlement awarded, including legal fees accrued.
Taxes
According to Chron, wrongful death settlement payments are non-taxable as long as they are compensatory. This effectively means that the payment made taking into account the suffering and pain experienced. However, if the damages are punitive, meant for punishing the person responsible for the death, the IRS will tax.
It is critical that you get in touch with a wrongful death attorney to review your case and determine damage types and amount you should expect.
