Loss of Future Income in McKinney Wrongful Death Claims
One of the most important and most complicated aspects of calculating damages in a wrongful death case is determining how much future income has been lost as the result of the decedent’s passing. If the plaintiff in a wrongful death case lost their primary family breadwinner, they may be facing significant financial strain as a result of losing the family member’s wages or salary.
While the loss of future income in McKinney wrongful death claims may be hard to estimate, an experienced attorney could work with economists and other expert witnesses to determine adequate compensation. Call today to learn more about how an attorney could help you recover the compensation you deserve.
Factors Influencing Loss of Income in McKinney
Loss of future income is calculated in McKinney and throughout the state of Texas by looking at the income that the deceased person would have earned over a normal lifetime. An accurate calculation should include not just the cash but the full value of the income, which includes any of the benefits that the person would have earned, such as a 401K and health insurance.
The beneficiaries of a wrongful death claim may only recover income that they would have received from the time that person died until the period that they would stop receiving such support. For example, the child of a deceased individual may only recover compensation for the income they would have received until the end of parental support.
In many situations, that lost income may continue after the child is older than 18. Perhaps the child was still in college or is a young adult whose parents were continuing to financially support them over a period of time so they could establish their own independence. If one can show that support, then they should be able to make a good claim for loss of support during that time period.
Who Calculates Loss of Income After a Wrongful Death?
Technically, a jury calculates the loss of income in a wrongful death case, but economists are often hired to aid the jury in making that determination. In some cases, both the plaintiff and the defendant hire expert witnesses to discuss future income.
The plaintiff’s lawyer may need to understand how the calculations are performed so that they can show the jury exactly how those amounts are calculated. The jury can then make their own decision about an ultimate dollar amount.
What to Keep in Mind Regarding Loss of Future Income
It is important to remember that an expert is only as good as their assumptions. Many times, there are experts who will shade their testimony for the desired outcome, depending upon who has hired them. Other experts strictly maintain their objectivity. A trial is always about the credibility of the parties and the witnesses. As a person asking a jury to compensate for wrongful death, it is incumbent upon a lawyer to analyze an opposing expert witness for signs of bias or error.
Credibility gaps harm a plaintiff who is seeking money much more than they hurt the person who is merely defending the case. It is crucial to make sure that the experts’ assumptions are defendable. If not defendable, an expert witness can actually hurt a person in trying to make a recovery for loss of future income in a McKinney wrongful death case instead of helping them.
A McKinney Lawyer Could Help Determine Loss of Future Income in Wrongful Death Cases
The forecasted loss of future income can have a significant effect on a wrongful death case’s value. Unfortunately, calculating a specific dollar amount after a family member’s death is difficult to impossible for the average person. An experienced attorney could help calculate the loss of future income in McKinney wrongful death claims to ensure that a plaintiff receives the compensation they need to continue with their life.