Fort Lauderdale auto accident lawyers-Loss of income due to auto accidents

Loss of income

You are entitled to compensation if your injuries prevent you from working, causing you to lose income. For example, if you are a landscaper who can’t work for a week because you sprained an ankle in an accident, you are entitled to compensation for that week of lost wages. You are also entitled to lost wages if you miss work because of treatment.

If the injury is serious enough and you can no longer perform the duties of your job or occupation, you can sue for “loss of future earnings capacity.” For example, if a construction worker who builds custom homes loses a hand in an accident, he or she can sue for loss of future wages. The personal injury auto accident attorneys of Weinstein & Scharf, P.A.work with expert vocational and financial witnesses who can assist in proving the amount of economic loss that will be suffered in the future.

If the accident results in death, a family member can sue on behalf of the deceased person (decedent) for any lost income that the victim would have earned based on the work-life expectancy of the decedent. The future earnings are “discounted” to present value by reducing the total award. Example: Suppose the decedent, who was 55 years old, made $50,000 a year and his or her work life expectancy is another 10 years. A lump-sum payout of $500,000 would be more valuable today than $50,000 over 10 years because you can invest that money. Therefore, the $500,000 would be discounted. Several very complicated formulas are used for discounting.

If you or a loved one has been injured in an auto accident, call the law offices of Weinstein & Scharf, P.A. for a free consultation at (866) 599-5529. We serve Miami-Dade, Broward and Palm Beach counties.