Net Accumulations In St. Petersburg: Are You Eligible And How Is It Computed?
Michael Babboni
Insurance Coverage
Did a loved one die due to another individual’s negligence? If so, Florida’s Wrongful Death Act may help you recover your loved one’s lost earnings. Learn more about net accumulations and how a wrongful death attorney can support you.Florida’s Wrongful Death Law
In Florida, when someone dies due to another person’s careless or reckless actions, their surviving family file a wrongful death lawsuit claim. If your loved one was harmed in Florida because of these, you may be eligible to file a wrongful death claim:
• Hit by a vehicle while they are driving or walking
• Hit by a drunk driver
• In a slip and fall accident
• Died as a result of medical negligence
If successful, the family may be awarded monetary damages. Damages include loss of support, medical and funeral costs, pain and suffering, lost earnings, as well as loss of net accumulations.
It should be noted who may be considered beneficiaries and, therefore, can collect compensation. These are the deceased’s spouse, children (under-aged children may claim damages for lost damages provided by a deceased parent, such as protection and guidance), parents (if the deceased is a minor), dependent family members (blood relatives and adoptive siblings are counted), children of unmarried parents (but only if the father formally recognized the child as his own and supported the child).
Who can file a wrongful death lawsuit to represent the deceased and his family? In Florida, only one representative may file a wrongful death lawsuit claim. This can be a representative who has been named in the deceased’s will or someone chosen by the family.
Until When Can You File A Wrongful Death Lawsuit?
The loss of a loved one is a sad and complicated time, and families, understandably, neglect the legal aspects of their loved one’s passing. If you realized sometime after your loved one’s death that they may have been the victim of negligence, there may still be time to file a lawsuit.
The statute of limitations on wrongful death in Florida is set at two years after the date of death for most cases. Ask a wrongful death attorney first before making the decision. It may not yet be too late to file a wrongful death lawsuit.
What You Need To Know About Loss Of Net Accumulations
Loss of net accumulations refers to an estimated amount that the deceased would have “accumulated” or saved in the future had they lived to their life expectancy. To determine that amount, the jury must take into account the following:
• The deceased age
• The deceased lifestyle (i.e., if they had vices or diseases that would have affected their life expectancy)
• Their skillset
• Net business or salary income
• Their likelihood to save
To further shed light on how the net accumulations are computed, the jury will not include income from rental properties and investments, as well as employment benefits and other fringe benefits. If the deceased lived paycheck-to-paycheck prior to their death or was a retiree living off their savings, their family will not be eligible for loss of net accumulations since they will not realistically have savings had they lived longer.
Has A Loved One Died In St. Petersburg Due To Someone’s Negligence?
If your loved one passed as a result of someone’s negligence, you may be eligible to file for wrongful death and get monetary compensation for the savings your loved one could have earned had they lived longer.
We are aware that you may still be grieving and discussing the death of your loved one may be painful, which is why our experienced wrongful death attorneys are willing to walk you through the process of a wrongful death lawsuit. Contact us here.