Loss Of Net Accumulations? Untangling Florida’s Wrongful Death Laws
Michael Babboni
Wrongful Death
When you lose a loved one, nothing can make up for the pain. However, in the case of wrongful death, justice can help your family heal. Though there is no financial value for our lives, having resources can help your family move forward. They can help ensure that you still have a home, a retirement account, and money for the funeral costs. This is the premise of Florida’s Wrongful Death laws. It’s that losing a loved one can cause financial damages. When that loved one's life was lost unjustly as the result of intentional or unintentional negligence, the responsible party is responsible for the damages.What Are Damages In Wrongful Death Cases?
Wrongful death cases are part of torts law. So there is compensation available for many of the same types of damages. These can include compensation for:
● Property damage to any vehicle
● Medical bills including surgeries, physical therapy, and prescriptions
● Lost wages including lost benefits like retirement
● Pain and suffering for the mental and emotional trauma the victim experienced
● Funeral, burial, and/or cremation expenses
● Loss of future wages and benefits
● Loss of consortium and relationships
● Punitive damages
These damages are all designed to pay for the loss of the person, as well as any expenses as a result of the accident. Calculating these damages uses very complex algorithms. They also require a significant amount of evidence and paperwork to back up the claim.
What Is Loss Of Net Accumulation?
Beyond the obvious damages, Florida outlines other damages possible under the Florida Wrongful Death Act. One of the other damages is called “loss of net accumulation.” Loss of net accumulation is a calculation to determine what the victim would have accumulated or saved in their lifetime. This is a future projection for the money they would have saved had they lived. This is an especially important damage for families and for households where the deceased was the primary breadwinner.
How Is Loss Of Net Accumulation Calculated?
As loss of net accumulation is not a compensatory damage, it is not a straightforward calculation. Insurance companies and juries will look at the lifestyle of the deceased. They’ll consider their family structure, what they did for a living, and how much they saved to date. There’s also some conditions under Florida state law. In order to qualify for loss of net accumulation, the deceased must:
● Be over 25
● Have lineal descendents (including but not exclusive to children) or a surviving spouse
Under these requirements, many families qualify for loss of net accumulation damages.
Speak With A Wrongful Death Attorney
When pursuing a wrongful death claim, a wrongful death attorney is your best ally. They will handle everything from communicating with the insurance companies to gathering evidence to prove your claim. They will work hard to get justice for your loved one and will fight to protect your rights. Wrongful death attorneys will also calculate the full value of the loss including things like loss of net accumulation.