A wrongful death is more than just a tragedy. It is a situation where a business or individual causes a death and creates lasting consequences for the people who survive the deceased party.
The law allows those affected by a tragedy to seek compensation through a wrongful death lawsuit, which can be a form of justice if the party at fault did not face criminal charges. Plaintiffs can seek for reimbursement for funeral expenses as well as reimbursement for the lost future earning potential of the person who died.
Families preparing for wrongful death lawsuits often underestimate lost future wages. That’s why they may need help calculating future income.
What families get wrong about future income
On the surface, calculating lost pay may seem like a simple matter. People can determine how many years their loved one had before they could retire and then calculate what they may have earned based on their salary when they died.
This process fails to account for the value of employee benefits, which substantially augment base wages. It also fails to acknowledge pay increases due to performance-based raises and cost-of-living wage adjustments.
Additionally, many people move into better positions later in their careers that offer increased pay and benefits. Families may need help researching wages and career paths in the industry where their loved one worked to more accurately estimate the financial impact of the tragedy they experienced.
Working with a wrongful death attorney to estimate lost wages and other economic damages can help families pursue justice. The more compensation families seek, the better the lawsuit can offset the long-term financial impact of the tragedy they suffered.
