Calculating Compensations: Future Lost Income (7)Updated on Tuesday 28th February 2017
Loss 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 compensations for future lost business opportunities. 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.
If you are in need of legal counseling and advice you can contact our Los Angeles personal injury attorneys.