If you have been injured because of someone else’s negligence, you may not have the luxury of returning to the life you knew before. Many personal injury cases involve life-changing injuries that require ongoing medical interventions, caretaker support, and new ways to earn a living, not just in the short-term but perhaps for years or even decades into the future.
If this describes your situation or that of a loved one, accurately valuing future medical costs and lost income is essential to secure fair compensation. The process is far more complicated than adding up past medical expenses and recent pay stubs. You need the support and guidance of an experienced personal injury lawyer at Justin Minton Law who can undertake a thorough investigation that could give you the best chance of fair compensation.
The key to fighting for fair compensation is calculating the present value of what you need to rebuild your life. To examine how an experienced Arkansas attorney can fight for every dollar you will need in the years to come, keep reading — or contact us directly.
Under personal injury law, the purpose of damages is to make the injured person whole again. That is, they aim to restore a person to the state he or she was in before the accident. In practice, many cases require the at-fault party to pay future damages, as the impact of the accident continues into the future.
When you are hurting after a personal injury, it’s easy to focus on the here and now. Future expenses may seem like a problem for another day. Still, if you don’t consider your anticipated future medical needs and future earnings when claiming compensation, you are likely to face an uncertain future.
An inadequate or poorly calculated personal injury claim could leave you without the resources you need for your future medical care, rehabilitation, and financial stability.
Let’s imagine a slip-and-fall accident victim suffers a spinal injury. He or she may require:
In some cases, these needs may persist for the rest of the accident victim’s life. One common insurance company tactic is to play down your medical needs to reduce your entitlement to compensation.
At Minton Law, we’re headed up by Justin Minton – a former insurance adjuster turned personal injury lawyer. We know how to counteract insurance companies’ sneaky tactics. Talk to us to learn how we can use our experience to your advantage.
Someone who sustains a traumatic brain injury may lose decades of earning potential. You may also suffer from PTSD, anxiety, depression, and other emotional and psychological conditions that affect your daily life.
Therefore, future damages may go beyond your future medical care needs mentioned above. You may also need compensation for:
If your injuries have turned your life upside down, properly calculating future medical costs and income losses gives you the best chance of receiving economic damages to cover these future expenses. Remember, the insurance company is incentivized to pay you as little as possible. During a free consultation with Justin Minton Law, we will explain how we can pursue maximum compensation for your past and future losses.
In any personal injury case, an attorney must present compelling evidence to prove that the injuries sustained were definitely caused by the accident. Additionally, the accident victim’s legal team must prove the full medical impact of the injuries to date and the long-term prognosis.
Personal injury lawyers are highly skilled and experienced in the law, but they are not medical experts. To prove future medical costs and give you the best chance of recovering them, lawyers typically work with the following professionals in cases involving life-changing injuries:
Think you can rely on the insurance company to work with experts to get you the best deal? Think again. Take it from a former insurance adjuster that they are not looking out for your best interests.
This is why it makes sense to put your case in the hands of an experienced personal injury lawyer who knows how to work collaboratively with a range of experts. Expert testimony can establish a strong foundation for future medical expense claims that withstand scrutiny during negotiations or at trial.
Don’t delay in discussing your case with us. Your experienced personal injury lawyer at Justin Minton Law will have one goal: getting you the best possible settlement.
In addition to future medical expense claims, economic damages in catastrophic injury cases also often include lost future earnings. This is true when injuries affect a plaintiff’s work life expectancy or ability to return to the same job.
Factors considered in calculating future income loss include:
Evidence that can be used by economic experts in making these calculations includes:
Suppose before your accident, you mowed your lawn, took care of childcare, and provided a taxi service for various family members. If you now have to pay someone to do all these things on your behalf, you may be entitled to compensation to cover these new expenses that are directly related to your accident.
The only way to ensure everything you are entitled to is considered is to discuss the impact on your life with a personal injury lawyer who truly cares. Pick up the phone and call our law firm today to get that conversation started.
Present value is the legal concept used to determine how much compensation you need now to pay for your future expenses. In personal injury cases, damages are typically paid in a lump sum. Therefore, your damages for future medical treatment, future lost earnings, and loss of earning capacity must be converted into what they are worth in today’s dollars.
Present value takes into account that, with smart investing, your money will grow in value over time. Many states require that damages be formulated in present value, including Arkansas. According to the state’s model jury instructions, damages must be reduced to compensate for the earning power of the damages.
Key factors that are taken into account when calculating the present value of damages include:
Additionally, projected future medical expenses must also be included and discounted in the same way. Economic experts play a key role in ensuring that the lump sum you demand will cover all your anticipated future care and lost income throughout the remainder of your life.
This brief explanation of a complex topic highlights why it is essential to tap into the in-depth legal knowledge of experienced personal injury attorneys when launching a claim for life-changing injuries. The right law firm understands insurance company tactics and knows how to build strong cases for fair compensation.
Justin Minton Law’s personal injury lawyers are happy to discuss the outstanding results we’ve achieved in the past – will your case be the next that proves what our team can do?
At our law firm, we understand you don’t just need funds for tomorrow. You need to know that your future medical and income needs are fully cared for after a life-changing injury. From immediate post-operative care to ongoing therapies and caregiver support, every anticipated future medical need should be accounted for, documented, and supported by expert testimony.
At Justin Minton Law, we understand better than most that the insurance company is working tirelessly to undermine your claim. That is why you need our team to tenaciously build a strong case and fight aggressively for every cent you are owed.
It just takes one phone call to mobilize our team to start working on your behalf. Set up a free consultation today by calling (501) 222-HURT or completing our contact form, and let’s fight the insurance bullies together.
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