How do I calculate the value of my loved one’s lost income?

When a loved one dies in a fatal accident, one of the key factors in calculating damages is lost income. If your loved one was the primary earner in your family, this can be a significant source of financial loss. Here are some factors to consider when calculating the value of your loved one’s lost income:

  • Past earnings: The first step is to calculate your loved one’s past earnings, including salary, bonuses, and any other income sources.
  • Future earnings: You will also need to calculate the value of your loved one’s future earnings. This can be more complicated and may require expert testimony to determine things like future promotions, raises, and career advancement opportunities.
  • Work-life expectancy: You will also need to consider your loved one’s work-life expectancy, or the number of years they were likely to continue working if they had not been killed in the accident.
  • Inflation and taxes: You will need to factor in inflation and taxes when calculating the value of your loved one’s lost income.
  • Other benefits: You should also consider any other benefits your loved one provided, such as health insurance, retirement contributions, and other benefits.

Calculating the value of your loved one’s lost income can be a complex process, and it’s important to work with an experienced personal injury attorney who can help you navigate the process and ensure that you receive fair compensation for your losses.

At The Ruth Law Team, we have a team of experienced personal injury attorneys who are here to help you navigate the legal process and fight for the compensation you deserve. If you have lost a loved one in a fatal accident and are considering filing a wrongful death claim, please don’t hesitate to contact us at (888) 783-8378 to speak with an attorney.

You can also visit us by appointment at one of our Florida Law Offices, Minnesota Law Offices, or Georgia Law Offices.

Please note that the answers to each question may vary depending on the specific facts of your case, and it is always best to consult with an attorney to get more accurate information. Also, this is general information and not legal advice.