Your Advocate In Serious Injury Claims

Estimating lost wages for a wrongful death lawsuit

Grief is usually the dominant emotion that surviving loved ones experience when a member of someone’s family dies. People may have a hard time adjusting to daily life without someone who played a major role in theory families. It can take years for people to come to terms with their grief and adjust to life without an immediate family member.

People may also experience intense financial anxiety due to the loss of a family member’s income. Particularly when the person who died was the primary wage earner or the family member with full-time employment, the family might be at risk of financial insolvency.

A wrongful death lawsuit is a way to minimize the economic harm caused by a tragedy caused by negligence or misconduct on the part of another party. Wage claims are often one of the biggest contributing elements to the overall value of wrongful death lawsuits. How can families better ensure that they properly estimate the future income their loved one may have provided the household if they had survived?

Lost income is about more than base pay

Determining the value of someone’s future earning potential isn’t easy. Calculating lost income can be challenging in part because it does not just involve multiplying someone’s current salary by the number of years they should have worked prior to retirement. Instead, families have to consider the possibility of promotions and cost-of-living wage increases. Raises and bonuses provided due to excellent job performance could also substantially increase the income professionals earn.

There is also the value of workplace benefits to consider. Health insurance and paid leave are benefits that could be worth thousands of dollars annually. The more family members who depended on someone for insurance coverage, the greater the cost of replacing that key form of financial protection.

Those already struggling with intense grief may not be in the best position to engage in complicated calculations to determine the true impact of their recent loss. Seeking legal guidance before pursuing a wrongful death lawsuit can help families to potentially diminish the long-term economic harm that they have to absorb after a loved one suddenly dies due to another’s conduct. The process of calculating lost wages and other costs may complicate the process but can ultimately lead to more comprehensive compensation for those who have lost a loved one.