Lost future income after a fatal accident isn’t calculated by simply multiplying a person’s current salary by the number of working years remaining. In a Colorado wrongful death claim, the financial analysis can consider the economic benefit surviving family members could reasonably have expected to receive if their loved one had lived.
Families in Boulder, Fort Collins, Longmont, Loveland, and nearby communities can work with Jeffress Law, PC, after a fatal accident caused by another party. Christopher W. Jeffress has practiced law since 1991 and began his career defending insurance companies and large corporations before representing injured people and families. Antwan D. Hampton, Jr. also previously worked in insurance defense and later served as a Colorado prosecutor. As a small firm, Jeffress Law gives families direct communication and individual attention while examining the financial losses connected to a wrongful death.
What Goes Into a Lost Future Income Calculation?
The person’s earnings before death are often an important starting point, but a careful calculation looks far beyond the most recent paycheck. Relevant information can include:
- Pay stubs and tax returns
- Salary history and raises
- Bonuses, commissions, and overtime
- Employer-paid health insurance and other benefits
- Retirement contributions or pension benefits
- Education, training, and career history
- Age, health, work habits, and expected remaining work life
The calculation may also consider how much financial support the person would reasonably have contributed to surviving family members over time. For that reason, lost future income doesn’t necessarily equal the person’s projected gross lifetime earnings.
Why Can Future Earnings Be Hard to Measure?
Some people have fairly predictable earnings. Others don’t. Future losses can be harder to calculate when the person was self-employed, owned a business, earned commissions, was early in a career, or had evidence supporting likely promotions or increased earnings.
Economists or other financial and earnings experts may become involved when future income is disputed. They can examine earnings history, expected work life, employment benefits, and the present value of future losses.
Colorado wrongful death law considers the financial benefit survivors could reasonably have expected to receive from the person who died. That makes each calculation closely tied to the family’s circumstances and the deceased person’s earning history.
Lost Income Is Only Part of a Wrongful Death Case
A fatal accident can create financial losses beyond wages. Lost employment benefits, retirement contributions, and other forms of financial support also matter. Colorado law may also allow certain non-economic wrongful death damages, depending on the facts and the law that applies to the claim.
Discuss Your Family’s Financial Loss With Jeffress Law
Lost future income can be one of the most complicated parts of valuing a wrongful death case. Jeffress Law, PC, assists families in Boulder, Fort Collins, Longmont, Loveland, and nearby areas after fatal accidents. Contact us or call 303-993-8685 to discuss your case with Christopher W. Jeffress and Antwan D. Hampton, Jr.
