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Calculating Compensations: Future Lost Income

Calculating Compensations: Future Lost Income (7)

Updated on Saturday 23rd September 2017

Calculating-Compensations-Future-Lost-Income.jpgLoss of income is an important percentage of the total economic losses after a personal injury accident. If the victim’s ability to produce income is altered by the injuries, it is only natural to think that a monetary compensation will be needed both for temporarily lost income and for the future lost income.
 
Proving that you will lose future earnings because of the injury is based on providing the necessary financial records. These documents, together with a physician’s assessment of your ability to work in the future are usually the ones that will help you negotiate your settlement.
 
Plaintiffs have the right to be rightfully compensated and the entire negotiation process can be easier if you decide to work with one of the Los Angeles personal injury attorneys.
 

Proving future lost income

 
Vehicle accidents, slip, and falls and catastrophic injuries are just some examples of situations that may result in a permanent inability to work. Victims who lose their ability to produce income need to ask to be rightfully compensated for their economic losses especially if they are themselves the main providers and caretakers in a family.
 
Common documents and records that can help you prove the value of the future lost income include:
- the timeline for recovery;
- your maximum recovery percentage if full recovery is not anticipated;
- the nature of your current employment status and your current salary;
- a statement from your employer that includes the income you would have continued to receive;
- any promotions you could have reasonably managed to achieve in the future (also confirmed by your employer).
 
These documents will vary according to each plaintiff’s employment status. Self-employed individuals can also claim compensation for future lost business opportunities, although they will most likely need to bring forward much more compelling evidence to support their claim. For example, they will need to come up with a comprehensive manner of calculating their income, perhaps according to a per-hour rate that they use with clients. The same situation that concerns lost income possibilities applies to those victims that were not employed at the time of the accident. If a plaintiff is able to show that, because of the injury caused by the accident, he has had important earning opportunities taken away, then he can make a claim for future lost income. 
 
One of our Los Angeles personal injury lawyers can help you prove that the injuries caused you to miss an important business deal that would have been financially significant.
 

Making your compensation claim

 
The total settlement value is based on a number of calculations and plaintiffs should not forget to include the estimated future lost income.
 
Issues like present medical bills, direct lost income during the recovery period and property damage are easy to assess within a short period of time after the accident.
 
Like in all personal injury cases, a key component of being able to obtain the compensation is to show that the damages are directly linked to the injury, which would not have occurred if it weren’t for the accident and the defendant’s negligence. 
 
If you have been involved in an accident and are unsure of how you can gather evidence to prove lost income, you can seek our help. If you are in need of legal counseling and advice you can contact our Los Angeles personal injury attorneys