According to the Internal Revenue Service (IRS), some awards provided by a wrongful death lawsuit settlement may be taxable. Specifically, any punitive damages that you or your loved one receives could be subject to taxation. Other awards provided by a wrongful death settlement may not be taxable, however. Compensation that you receive for losses related to an injury may not be taxed.
Speaking with the team for a lawyer could help you better understand which parts of a wrongful death lawsuit settlement may be taxable and which might not be.
A Lawyer May Explain Taxation and Other Relevant Points
Lawsuits may not be a subject that you are familiar with. A lawyer or their team could answer questions that you have regarding your case. Issues of taxation are among the subjects that they may address in discussions with you.
In speaking with a lawyer or their team, you may find out:
- Whether wrongful death lawsuit settlements are generally taxable
- Which types of compensation are generally taxed, and which are not
- Other financial considerations related to your lawsuit settlement
A lawyer could also give you an idea of how they plan to complete your case. A lawyer will take on the duties of completing your lawsuit, though every case may vary in terms of day-to-day responsibilities. The following are potential requirements of a lawsuit that a lawyer may handle for you.
Calculating the Cost of Your Loved One’s Passing
Wrongful deaths produce losses. These losses may entitle you and other family members to compensation. Your lawyer will be tasked with calculating what losses you and your loved ones have suffered and how much compensation those losses entitle you to receive.
Your lawyer must know the facts of your case in order to determine what your losses are. Potential losses from a wrongful death include:
- The cost of care for your loved one’s physical injuries
- Lost future income from your deceased loved one
- Loss of comfort provided by the deceased
- Loss of companionship provided by the deceased
- Any property damage related to the circumstances of your loved one’s passing (this may be relevant to motor vehicle accident-related wrongful death cases)
The Legal Information Institute (LII) explains that close family members may generally be the ones to bring a wrongful death lawsuit. As such, they may be the recipients of any compensation awarded because of a decedent’s passing.
Dealing with the Day-to-Day Responsibilities of Completing a Lawsuit
Negotiating a settlement from a lawsuit may require your lawyer to complete many individual tasks. Some of the day-to-day responsibilities that your lawyer may handle for you are:
- Drafting legal documents
- Filing legal documents
- Corresponding with witnesses
- Speaking with defendants’ attorneys
- Communicating with insurance companies
- Working alongside experts to craft your case
- Making any necessary appearances
These may be tasks that cannot be avoided in order to complete your lawsuit. You may also have to handle tasks for yourself if you do not choose to hire a lawyer for your wrongful death lawsuit.
In addition to the individual duties that are necessary to complete a lawsuit, your lawyer will negotiate your settlement. The American Bar Association (ABA) notes that settlements are the way that most civil lawsuits conclude. Your lawyer will try to negotiate a fair settlement without you having to go to court.
For a free legal consultation, call (404) 888-8888
You May Receive a Settlement for a Wrongful Death
Awards are one way for family members who lost a loved one to wrongful death to hold responsible parties accountable. You and your loved ones may receive such awards upon your lawyer negotiating a settlement.
The parties who are responsible for a wrongful death will be different in each case. The circumstances of your loved one’s passing will determine who your lawyer seeks compensation from.
Some of the events that could have led to your loved one’s passing are:
- A workplace injury
- A motor vehicle accident
- An accident on dangerous premises
- A criminal act
- A medical event
If your loved one passed away, speaking with a lawyer’s team could help you clarify whether your family member’s loss might have been wrongful. If it was, a lawyer will aim to secure compensation for you and any other eligible loved ones who have been harmed because of the death.
Call Our Team Today for More Information
The Bader Scott Injury Lawyers team will answer any questions that you have about bringing a lawsuit for wrongful death. During a free consultation, we may review the facts of your loved one’s passing and may arrange for you to take the next steps in hiring an Atlanta wrongful death lawyer.
Call Bader Scott Injury Lawyers today at (404) 888-8888 to complete your free consultation.