What is Wrongful Death?
Wrongful death is a death which occurs due to the negligence of any other person. It is considered an avoidable death if the person who caused the death had taken proper care or caution.
Wrongful deaths can occur in several circumstances. Negligence of a motorist driving inattentively or recklessly, deaths caused by medical practitioners due to improper care, and deaths caused by any other person’s carelessness. Proving
negligence in these cases is often a difficult and time consuming task that is best handled by an experienced wrongful death attorney.
How Wrongful Death Damages are Calculated?
Wrongful death damages are calculated using several different metrics such
as the deceased’s:
- Earning capacity;
- Age;
- State of health;
- Income at the time of death;
- Number of dependents;
- Medical bills and funeral bills incurred as a result of death;
- Value of lost benefits in terms of pension, healthcare and/or future earnings.
How are Wrongful Death Damages
Paid Out?
Wrongful death damages are usually paid out by insurance providers who issued the liability insurance to the person whom the death of the deceased is attributed.
Most liability insurance policies have specific wrongful death clauses – which can cap the maximum amount the insurance provider will pay for any wrongful death caused by the insured person.
Insurance providers will not pay more than the maximum amount that is specified in the insurance policy. The person who caused the death may be personally liable for excess damages if the total amount of damages are more than the required amount the insurance provider is to pay – as per the terms of the policy.
Are Wrongful Death Damages and
Settlements Taxable?
The IRS treats wrongful death settlements as non-taxable income in the hands of the beneficiary if they are compensatory or are being given as a compensation for the loss due to the death of a loved one. However, taxability of wrongful death settlements also depends on the jurisdiction of the State because states have different laws when it comes to these. So, it would be a good idea to check the laws of your State to find out if you need to pay any state income taxes on wrongful
death settlement received by you in this type of situation. In Florida, this does not apply as there is no state income tax.
Why You May Need a Lawyer?
You may need to hire a wrongful death lawyer because there are instances where the damages being offered are quite low, and the victim has no other option than to proceed to trial. A wrongful death settlement trial can be a messy and complicated process, and you will want a competent lawyer who has prior experience in representing victims of wrongful death cases. If you believe a loved one suffered a wrongful death, contact us at 727-800-5052 for a free legal consultation.
Marsalisi Law is Where Law Gets Personal.
