Damages for loss of future earnings are calculated by comparing your future earning capacity before the accident and your future earning capacity after the accident. Because in the future, you're likely to earn different salaries. Other factors that could affect the value of your future damages include your age and life expectancy. For example, if you are injured while in the prime of your working life, you may have a more substantial claim than someone closer to retirement age.
You may also have a more valuable claim than someone who hasn't yet started their career, such as a high school or college student who doesn't have a job. Calculate the present value for the risk-adjusted loss of profits stream using an appropriate discount rate with reduced risk. For commercial litigation, courts have held that future damages should be discounted, but historically they have offered little guidance on appropriate discount rates. Future damages in a personal injury case refer to financial compensation for losses that are expected in the future as a result of injuries sustained in an accident.
The personal injury lawyers at Foley Law Firm help accident victims secure future damages when their injuries are expected to have prolonged ramifications. An experienced New Jersey personal injury lawyer will work to determine how much you will demand for your future medical expenses. An experienced lawyer will explain your legal options and work to get you the compensation you need and deserve for both your present and the future. The graph in Graph 4 illustrates this process for a subjective calculation of the risk rate.
If you can't work at all for the foreseeable future, you won't be able to earn any income to pay for your living expenses and other out-of-pocket expenses. For example, future income loss can be determined by taking a person's current salary and multiplying it by the number of years they would likely have worked. The library has several resources that you may find useful in evaluating your situation and calculating damages, including “How to Win Your Personal Injury Claim” by Nolo Press, which includes a very detailed chapter on how to determine how much your injury claim is worth, as well as tips for negotiating a settlement with the defendant. Your New Jersey personal injury lawyer may recommend that you incorporate an economic or employment expert in your claim to calculate future earning capacity.
Often, a victim's pain and suffering is assigned a dollar figure for each day to calculate the value of their damages. It is vital to calculate the cost of future damages so that your lawyer can seek all the compensation you will need for damages caused by your personal injury. That said, the attorneys at Foley Law Firm want to take a moment to explain what is considered when calculating future damages in personal injury cases in Scranton, PA, Stroudsburg, PA, Wilkes-Barre, PA and surrounding areas. In a personal injury lawsuit, if you anticipate that your recovery, rehabilitation, or care will be prolonged in the future, you may be able to seek financial compensation for your anticipated expenses and losses.
With expert testimony from your treating physician and medical records as proof of the extent of your injuries, you may be able to recover the compensation you need for these future costs of care.