How Much Is My Personal Injury Claim Worth?
If you were hurt in a car wreck, workplace incident, slip and fall, or other kind of accident, you may be planning on filing a personal injury claim. Once you enlist legal help, you’ll undoubtedly have quite a few questions for your attorney, and regardless of the specifics, “How much is my case worth?” is probably at the top of your list.
Unfortunately, there is no straightforward answer to this question. Even the most experienced personal injury lawyers cannot guarantee a specific outcome to a given claim.
Not only are tort actions inherently unpredictable, but there are also a host of variables that can influence the potential payout. Examples include:
- The severity of the injuries you sustained;
- The strength of the evidence you present;
- The liable party’s available insurance coverage; and
- The role you played—if any—in the accident.
The greatest influencer, however, is arguably the extent of the damages you incur. Also called losses, damages aren’t just limited to the associated medical bills and lost wages. They encompass the physical side effects and psychological impacts of your injuries, as well.
While such intangible losses should not be overlooked—they are, after all every bit as real as those that can be quantified—determining their worth can pose a challenge. Thankfully, a personal injury attorney can help you apply widely accepted formulas to arrive at reasonable figures and then gather the evidence needed to justify them. Armed with this knowledge, you’ll at least have a starting point for the negotiations.
Most valid personal injury claims are settled during these negotiations. If the insurance adjuster does not agree with your valuation, however—or disputes liability altogether—you may need to take them to trial, where a judge or jury will decide whether you’re entitled to compensation and, if so, how much.
Are Personal Injury Payouts Taxable?
Since your personal injury payout should be enough to make your life whole again, you’re probably wondering whether you need to account for tax obligations when totaling your damages. Fortunately, personal injury settlements are not traditionally taxable.
There are, however, a few exceptions, so it’s wise to consult a CPA before spending too much of the money that you manage to secure, assuming your claim is successful. For example, if you end up receiving compensation for medical expenses that you deducted on a prior tax return, that compensation will be taxed. Likewise, the portion of your payout that reimburses you for lost wages may be considered taxable income.
Call 561-299-3999 to Speak with a Personal Injury Attorney in West Palm Beach
If you intend to file a personal injury claim in Florida and you want to discuss the potential value of your action, turn to Donaldson & Weston. Our tenacious team has represented more than 10,000 clients and helped them navigate complex legal proceedings.
Get the attentive counsel of a small, local firm with the resources of a powerhouse practice. To schedule a free case review with a personal injury lawyer in West Palm Beach call 561-299-3999 or complete our Contact Form.