Filing a wrongful death claim is an emotionally difficult process for many people. It forces a grieving family to confront their recent loss, as they must file before the two years pass due to the statute of limitations.
Even more difficult than the decision to pursue justice is the need to attach a financial value to the tragedy the family has suffered. An Ohio wrongful death claim has to include a requested amount of compensation.
For many families, the lost income of their deceased family member will be one of the biggest contributions to the final amount they seek with their claims. How do you estimate your loved one’s future income?
Income isn’t just about paychecks
You can easily calculate a year’s worth of income based on someone’s average weekly wage, but that figure is only the baseline or what they really make. If they receive benefits from work, although they are not included in their annual salary, health insurance and paid time off are worth roughly 30% of someone’s salary.
It’s also important to recognize that someone would not continue making the same wage indefinitely. If they were on a path to career success, promotions and significant raises may have been in their future. At the very least, workers who meet performance metrics can typically expect to receive annual cost-of-living raises. All of that can factor into the amount that you request as compensation for your loved one’s future lost income.
Determining the right amount to request can be a challenge, which is why many families partner with professionals. Seeking financial justice with a wrongful death claim can help your family recover from a recent loss.