When you have lost a loved one to another party’s negligence, it can be challenging to overcome the suffering, grief, and loss of financial support you have experienced. It can be challenging to focus on mourning when you are worried about affording food and shelter if your loved one is the breadwinner of your household.
Because of this, a wrongful death claim is a vital part of recovery for many Tulsa residents. Your settlement can help you overcome the devastating losses you have suffered. Unfortunately, you may also be worried about how your settlement may be taxed. Is a wrongful death settlement considered income?
If you are unsure whether your claim may be taxed, a lawyer with BDIW Law can help you get the answers you need. We know wrongful death lawsuits can be difficult, but we are here to simplify the proceedings and help you get compensated for your suffering. Talk to your lawyer about your options for a wrongful death claim and what you may be due.
What Is a Wrongful Death?
When someone is injured in an accident, they typically can pursue compensation from the at-fault party for their injuries. These injuries should be compensated because the at-fault party was careless with your safety.
Wrongful death claims may be filed when the injured party has died because of their injuries. For example, you may have lost a loved one in a fatal car accident, or they may have died because a doctor was careless with their safety during a medical procedure. In these cases, you may have grounds to sue on their behalf and of their surviving loved ones.
Wrongful death claims can be complex because you are not the person directly harmed by the at-fault party’s actions. Because of this, the people who can file a wrongful death claim are limited so that a claim cannot be filed to multiple parties simultaneously.
In Oklahoma, the deceased’s surviving spouse, parents, or children may only file these wrongful death claims. If none are available, the duty of filing a claim may fall to the estate’s personal representative.
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What Is Included in a Wrongful Death Settlement?
When you are filing a wrongful death claim, it is critical that your family’s needs are met by your compensation. If you are unsure what your claim is worth, seeking out a wrongful death lawyer may be necessary to ensure you are getting the maximum compensation you can receive for your claim.
One of the key parts of your wrongful death settlement is your economic damages. These damages should cover the financial costs of the wrongful death. This may include final medical costs, funeral and burial expenses, and lost wages your loved one would have learned if they had lived.
You may also be entitled to non-economic damages. These damages, also known as pain and suffering, cover the intangible suffering you experienced. For example, you may be due funds for your loss of consortium or for the mental anguish caused by this sudden loss. Your lawyer can help you determine what your claim is worth.
Taxability and Wrongful Death Settlements
When filing a wrongful death claim, getting the funds you need for your health and well-being is vital. Ensuring you are prepared for any taxes that may be taken out of your claim can help you be financially ready. So what can be taxed when you are involved in a wrongful death settlement?
The good news is that the settlement amount you receive for your wrongful death settlement is not taxable. These funds are specifically to be used for your and your family’s recovery following another person’s negligent actions. Because of this, you do not have to pay taxes on the settlement you receive.
There are situations where a wrongful death claim may be taxed. For example, you may have received punitive damages for your wrongful death claim.
Punitive damages are not intended to compensate you for your suffering. They instead punish the wrongdoer for wanton recklessness or malice. While these damages can help your family recover, they can also be heavily impacted by taxation.
Your lawyer can discuss the exact specifics of the taxability of the compensation you are seeking for wrongful death.
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How a Wrongful Death Lawyer Can Help You
When you are facing a lawsuit of any kind, the support of a personal injury attorney can help you get compensated fairly, swiftly, and without a strain on you. For example, the average person does not have the courtroom experience a lawyer can bring. Your lawyer has years or even decades of experience they can offer for your claim.
That experience also means you do not have to work hard to get compensated. Your lawyer will represent you in the courtroom, handling the details of your claim while you focus on your well-being. That gives you the time and space to grieve without sacrificing your settlement.
Your wrongful death lawyer at BDIW Law can also provide case-specific, detailed advice on your case. That includes tax information, what to say in court, and what steps you may need to take to get compensated. If you are pursuing a wrongful death claim, remember you do not have to seek help alone.
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Seeking a Wrongful Death Settlement? Call an Attorney
You may have grounds for a wrongful death claim when you have lost a loved one, and someone else caused your suffering. This process, however, can be difficult, and you may have trouble getting the compensation you are due for your suffering. You may even question whether your settlement is considered income, which can impact your taxes.
When you are in a difficult time, you may need a lawyer’s help. The attorneys at BDIW Law are here to help you recover from your suffering, getting the answers you need about your wrongful death settlement, what it is worth, and how you can get that settlement.
Have questions about your claim before you commit to an attorney? Reach out for a free consultation. Call us or fill out our online contact form to learn more about your options and get the guidance you need for your claim.
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