In wrongful death settlements, claimants usually receive money in one of two ways. With one method, funds are paid all at once, and with the other method, funds are paid out as continual payments to the deceased person’s loved ones.
We’d like to help you understand wrongful death settlements and how they are paid so that you’ll know more about what to expect. Having this information can also help you focus on caring for your family.
- What Is a Lump-Sum Payout in a Wrongful Death Settlement?
- What Is a Structured Settlement in a Wrongful Death Settlement?
- Is a Structured Settlement or a Lump-Sum Payout Best for My Family?
- Who Is Responsible for Paying Wrongful Death Damages?
- What Could I Receive for a Payout?
- Should I Get a Lawyer to Help Me with My Wrongful Death Case in Florida?
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What Is a Lump-Sum Payout in a Wrongful Death Settlement?
With this kind of payout, a deceased person’s loved ones can receive a single, lump-sum payment for the entire amount they were awarded in a wrongful death settlement. The decedent’s beneficiaries will receive the entire amount all at once. This amount must be agreed upon by all the parties involved, and it can include financial costs and many other costs, too.
What Is a Structured Settlement in a Wrongful Death Settlement?
With this other form of payout, the deceased person’s loved ones will still get the full amount they were awarded in the wrongful death settlement. The amount, however, will be split into separate payments. These payments will be made over time (typically monthly), and all the parties involved must agree on this form of a payout. The amount can include financial costs and more.
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Is a Structured Settlement or a Lump-Sum Payout Best for My Family?
For many families, the main benefit of a structured settlement over a lump-sum payout is that it can provide the family with long-term financial support. If this is important to you and your family, then the structured settlement may be your best choice.
Other families appreciate getting a lump-sum payment because it may be a more flexible option and allow them to pay off large family expenses right away.
One of the wrongful death attorneys at the Law Offices of Anidjar & Levine can review your case and help you decide which option would be best for you and your loved ones.
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Who Is Responsible for Paying Wrongful Death Damages?
Typically, the insurers of the party responsible for wrongful death will pay the damages involved. However, insurance companies pay up to their insured’s policy limit. In many instances, this limit won’t cover all of a claimant’s damages. Additionally, insurance companies want to pay as little as possible or prove the insured has no responsibility at all to pay.
In some instances, the liable party itself may have to pay damages as well. One of our lawyers at the Law Offices of Anidjar & Levine may be able to pursue damages directly from the other party if it’s appropriate for your case. Your lawyer will pursue the full compensation you and your loved ones are due.
What Could I Receive for a Payout?
You may be able to recover damages for the members of your family who have been affected by your loss. This can include the decedent’s spouse, children, parents, and household dependents. In Florida, wrongful death settlements compensate loved ones who lost “support and services” upon the death of a loved one, according to Florida Statutes § 768.21(1).
The damages you may be able to receive could include:
- The ongoing loss of financial support for your family and any other dependents
- The loss of companionship
- Medical expenses
- Funeral costs and burial costs
- Other losses, including some emotional losses
Additional Details About Wrongful Death Payouts in Florida
In Florida, wrongful death payouts are typically not taxed, and there is no cap on the amounts of these payouts. You may want to consider getting an attorney to handle your case.
Our lawyer will make sure your settlement minimizes your tax liability. Also, they can determine who in your family (and who else) may be eligible for compensation. Your lawyer will also determine which damages you could receive.
Florida law designates specific family members who can recover wrongful death damages. It also establishes who can seek the action on behalf of the decedent. We can go over these specifics during your free consultation.
Should I Get a Lawyer to Help Me with My Wrongful Death Case in Florida?
A lawyer from the Law Offices of Anidjar & Levine can help you with your wrongful death case in Florida. Our wrongful death lawyers have handled cases like yours and helped our clients recover their due compensation. Your lawyer will be available when you need them, and we will even help you schedule your appointments to keep you on track. Also, to help you with any financial issues you may have, our law firm offers a free initial consultation.
Contact our legal team today at 1-800-747-3733 for a free consultation where you can learn more about wrongful death laws in Florida and how settlements in these cases are paid out.