Not everyone appreciates the true meaning of this 2-word phrase: lost income. A personal injury lawyer can help an accident victim to better understand the meaning of that particular term.
What losses fall under the heading of lost income?
• Wages lost, when injured employee cannot go to work.
• Vacations pay
• Sick days used to pay for time you took off.
• Commissions or bonuses that the injured employee would have received: Those would have been received, if the unrewarded employee had joined the other employees in the workplace, instead of remaining home, in order to recover from an accident.
• Salary increases lost.
• Inability of injured employee to contribute to 401k accounts or retirement funds
• Loss of future income: See more information on this loss in the final section of this article.
How can an accident victim prove lost income?
The personal injury lawyer in Grand Prairie knows that a claimant that holds a paying job needs to obtain an accounting of income lost from his or her employer. That should include mention of vacation pay, sick days used, and any other forced or requested time-off.
The same claimant would need a doctor’s report, one in which the doctor has stated that the employee, patient needs to remain at home, in order to recover from an injury. The same statement ought to provide the employer and the insurance company with details, regarding when the recovering worker should be able to carryout his or her job-related responsibilities.
How could a self-employed accident victim prove lost income?
• That claimant/victim should gather the old tax forms and submit those as proof.
• Those could be supplemented with copies of bank statements, which show various business-related transactions.
• An accountant’s records could also supplement the information furnished by the tax forms.
• Profile and loss statements could be used to verify and confirm the facts contained in the other papers.
Comments on future loss of income, directed to personal injury lawyers
When does the age of the accident victim indicate a need for the consideration of future lost income? Obviously, that would be a concern for a student that has just graduated from college or high school, or is about to graduate from such an institution. Yet students are placed in college-directed programs as early as the start of middle school.
In light of that fact, should the legal system consider the loss of future income for a younger teenager, if he or she has been injured in an accident? Suppose such a student has not exhibited obvious signs of a medical problem for 3 to 4 years?
During that time, the same student might be preparing for a specific career. When would it be appropriate to consider that student’s possible loss of future income?