What Do I Need to Show Lost Future Income?
Posted on Friday, April 1st, 2022 at 3:00 pm
A serious accident can impact many different aspects of your life, but one thing many people do not account for after a major injury is how the injury will affect their ability to work. A physical or mental disability may keep you from working at the same level you did before, or even prevent you from working at all. If you still have many years of working life left, you could see a sharp drop in your future income due to the accident.
By working with a Georgia personal injury lawyer, you have a better chance of recovering compensation for your reduced earning potential after an accident. The Atlanta personal injury attorneys of Jonathan R. Brockman, P.C. have more than 70 years of combined experience and have recovered millions in compensation for our clients. We do not charge our clients any attorney fees unless we help them get the money they need. If you want to know more about how we can help you, call (770) 205-8827 today or visit our contact page.
Determining the Value of Your Lost Future Income
It is relatively easy to show the income you have already lost due to an accident. By looking at your most recent pay stubs and calculating the value of the amount of time you have already missed, you can arrive at a reliable figure for what the accident has already cost you. Determining the value of your lost future income is a different story, though, because there are more unknowns at play.
Some of the factors that impact the value of your lost future income include:
- Your age — The closer you are to retirement age, the less you are likely to receive for your lost future income because of the short time left for you to work.
- Your long-term prognosis — How long you will be unable to work after an accident has a significant impact on the value of your future lost income. If you are going to be out of work for several months but are expected to eventually return to work, the value of your lost future income will be relatively low. But if you have a permanent disability that prevents you from working at all, you could be losing out on years or decades of income, which will increase the value of your claim. The value of your claim can also vary if you are able to return to work in some capacity, even if you are not doing the same amount or kind of work you were doing prior to the accident.
- Physical vs. mental disabilities — Many accident victims underestimate the mental effects of a traumatic injury. It is not unheard of for people to experience nightmares, flashbacks, heightened anxiety, depression, and other mental health disorders after a severe accident. These conditions can prevent someone from being able to fully function at work. If you have healed from your injuries but are experiencing lingering psychological distress, you may be able to claim lost future income. Even so, it will likely be less than what you would receive if you had a physical disability. Feel free to reach out to us today.
Evidence to Prove Your Lost Future Income
Before you can claim any compensation for your lost future income, you need to prove that you will be unable to work for an extended period and document the value of the future income you have lost. Some evidence you can use to support your case includes:
- Medical records — Your medical records are crucial when it comes to claiming compensation for lost future income. These records will substantiate the injuries you have suffered and will likely contain your long-term prognosis from your doctor.
- Pay stubs, tax forms, etc. — Your lost future income is largely based on how much money you were making prior to the accident. Recent pay stubs, tax forms, or other proof of income can be used to estimate how much money you have lost because of your injuries.
- Testimony from expert witnesses — Testimony from medical experts can help establish that you are unable to work, as well as how long your recovery is expected to last. The longer you are going to be out of work, the more compensation you can ask for (depending on your age and other factors).
Contact a Georgia Personal Injury Attorney Today
Getting help from a Georgia personal injury lawyer is crucial if you are seeking compensation for lost future income after an accident. Without an attorney’s help, you will have a more difficult time making your case and could lose out on the money you need. The Georgia personal injury lawyers of Jonathan R. Brockman, P.C. would be honored to represent you, so visit our contact page or call (770) 205-8827 today for a free initial consultation.