It may be pretty challenging to deal with the abrupt loss of a loved one. While grieving your loss, you could be experiencing financial difficulties due to losing a family member. A wrongful death case seeks compensation from the party whose carelessness, negligence, or malicious behavior resulted in the death.
A typical wrongful death compensation is difficult to determine since each case is unique and takes a variety of variables into account. Due to the unexpected loss of companionship and support, wrongful death settlements consider the deceased’s loved ones.
Settlement sums can range from $500,000 to several million dollars. However, these are only estimates. Consulting a wrongful death attorney for assistance with assessing your losses is the best approach to determining what settlement amount you may get.
How to Calculate a Settlement for Wrongful Death
When deciding the compensation amount for a wrongful death case, the court will consider several variables, including the surviving loved ones and how the loss would affect them.
Additionally, wrongful death settlements assist in covering bills with a high dollar value, such as the cost of the medical treatment your loved one got, funeral and burial expenses, and lost benefits or wages/salaries.
In most cases, the damages you suffered due to losing a family member will be reflected in your case, and you will be given a settlement sum based on this value.
Factors That Could Influence the Settlement Amount
The following factors may be considered when deciding a settlement amount and a case’s outcome. Other criteria may apply depending on specific circumstances.
1. The Age and Health of the Deceased at the Time of Death
It may be distressing to find that your loved one’s age and overall condition at the time of death may be taken into account, but these variables frequently play a role. It assists the court in determining the possibility of your loved one dying and how this likelihood should impact the amount of your payout.
However, a skilled wrongful death attorney will seek to demonstrate that the untimely loss of a loved one, as well as the absence of support and companionship you are suffering, outweigh these reasons.
2. Medical Expenses of the Deceased
If your loved one was brought to the hospital, traveled in an ambulance, or received medical care, these costs can be included in a wrongful death lawsuit.
Though no one likes to think about these expenditures after the death of a loved one, they nevertheless fall on remaining family members and can rapidly pile up. To ease this burden, wrongful death compensation can cover these fees.
3. Costs of Burial and Funeral
Thousands of dollars can be spent on a funeral and burial if no savings are available or life insurance is in place. These expenses, along with additional damages, will often be covered by the wrongful death settlement.
4. Calculations for Support Loss
Losing a spouse or a parent means not only losing companionship but also losing financial support. The settlement amount should reflect the monthly and yearly support you would have received if your loved one hadn’t passed away.
In the circumstances involving small children and the loss of the parent who was the primary support provider, the potential loss of support might also be taken into account.
5. Other Damages
The Legal Information Institute (III) defines damages as monetary restitution given to an aggrieved person. Besides medical and funeral expenses, losing a loved one can cause emotional anguish, anxiety, and depression.
These damages are non-monetary but must be estimated to account for your suffering due to your loss.
- Evaluation of Fault
According to Florida Statutes § 768.19, you can only bring a wrongful death claim if your loved one passed away due to another party’s carelessness, default, unlawful act, or breach of contract. You can still sue for wrongful death if your loved one was at least partially at fault, but your settlement may be reduced accordingly.
Who Receives Compensation in Wrongful Death Cases?
It’s possible to file a wrongful death claim for the victim’s surviving family members or the deceased person’s estate. Survivors, domestic partners, or children may bring a legal claim for wrongful death if they are considered “intestate heirs.”
However, it’s important to note that some victims are not married or have children. In these circumstances, the following parties (in this order) may bring a wrongful death lawsuit:
- Parents of the victim
- Siblings of the victim
- The closest living relative of the victim
Are Settlements for Wrongful Death Taxable?
The Internal Revenue Service (IRS) considers most wrongful death settlement payments non-taxable, provided the expenses are compensatory. This implies that the compensation is meant to reimburse for the case’s pain and suffering.
Punitive damages, or damages aimed at punishing the person responsible for the death, may be taxed by the IRS.
A clear distinction between compensatory and punitive damages must be made in any award. This can assist in clearing up any doubt regarding IRS reporting. Anyone eligible for wrongful death compensation should contact an attorney and an accountant before accepting any settlement offer.
Conclusion
A wrongful death lawsuit might be appropriate if you lost someone close to you due to an incident, injury, or criminal activity. Acting quickly is crucial because wrongful death claims, like other types of litigation, have statutes of limitations that are unique to your jurisdiction.
Contact an expert wrongful death attorney immediately to find out more about your legal options regarding wrongful death claims. They’ll help explain the norms and outliers.
