Many people count on the support and legal expertise of a personal injury lawyer after an accident. If the other driver is at fault, it's difficult to get the insurer to pay what is owed without help from a lawyer. A settlement keeps a case from going to court. Your lawyer will see to it that your settlement is complete, accurate, and adequate for your needs. However, it's important to take the entire picture into consideration before you agree to anything. With that in mind, review the below points about accident settlements and talk things over with your lawyer to find out more.
Damages Owed to Victims
Damages are ways the accident has affected the victim and they are converted into monetary compensation for settlement purposes. Each form of damage, therefore, is worth a certain amount of money. These are common auto accident damages:
Your personal injury lawyer will add up the damages based on your medical records, pay stubs, vehicle repair estimates, and other methods. To be able to negotiate with the other driver's insurer, a settlement amount slightly higher than your top amount will be set. A bottom-line amount may also be discussed.
Legal Fees
It's vital to include expenses like legal fees in your settlement. Most personal injury lawyers use a contingency fee agreement, so your fees are probably a certain percentage of the full settlement amount. If your agreement specifies your lawyer will be paid 35% of your settlement and the amount you get comes to $100,000, you will end up with $65,000. Know how the legal fees will affect your bottom-line settlement price before you agree to one. If you settle your case, you won't have any court costs to pay. However, those who take their cases to court could encounter court fees. Take that into account.
Taxes
You must speak to a financial expert for the most accurate tax help. In general, however, personal injury settlements are not taxed. On the other hand, if you received a court judgment instead of a settlement, the punitive damages portion of the judgment can be taxable. Another tax consideration is using your medical expenses as a deduction. If you are paid for medical expenses, it could affect your tax deduction situation.
As you approach the end of your case and are preparing to settle, discuss the above issues with a personal injury law firm such as Farrar Hennesy & Tanner LLC to find out more.
Share8 February 2023
Hello everyone, my name is Nina Zoulon. On this site, I am going to share information about hiring a personal injury attorney. I will also talk about my journey to procuring those services for myself. When I was a beginning driver, I was on the road constantly. During one of those excursions, a driver going the opposite direction crossed the centerline and plowed straight into my vehicle. I was trapped by the dashboard for hours while firefighters helped me escape. After the accident, the other driver tried to blame my inexperience on the accident. I hired a lawyer to help me fight the case and I won. I would like to discuss personal injury attorney services in more detail to help other people win their cases in court. Thanks.
