Wrongful Death Lawsuits and Pre-Settlement Loans Information
Wrongful death lawsuits and their loans are basically similar to injury and medical lawsuit, but the victim isn’t around to collect or sue for themselves. Wrongful death lawsuits can bring some pretty hefty settlement payments when they are valid and brought to the courts the right way and at the right time. This is a type of lawsuits that can work with or without lawyers as the cases are a bit more cut and dry at times. Here, immediate family or next of kin can bring these suits to the courts after someone they are close to has died in a situation that could have been avoided or following an accident that was not properly handled. These can be done immediately after the death or a little bit later.
What Can Be Considered A Wrongful Death?
Before looking into a loan on a wrongful death lawsuit settlement, one has to know what is considered a wrongful death. This is a fairly simple situation for lawsuit purposes as this one involves death, something that is very black or white as a victim is either dead or alive. If they are dead, this is where the situation can be looked into. The start for this after establishing that the victim is dead, is the manner of death. If this was due to an accident that was avoidable, a personal injury caused by another party, or a workers’ comp event leading to death, there is usually cause for a lawsuit. When death is the results, many will want to sue for damages and other punishment for the person they hold responsible, but not all deaths are wrongful, so a court case may be needed to decide whether that is the case of not.
Wrongful Death Versus Survival Action
Wrongful death as explained above is one of the options when someone dies and the family wants to sue. The other option is survival action, this is where the surviving beneficiaries of the victim can get the damages or support that would have gone to the victim had they not died. This means that in wrongful death, the death itself is the source of the settlement while in survival action, the settlement is based on what the victim would have received alive. The difference here is literally life and death and it can make a big difference in the amount of the settlement offered by the defendant or from the court after a lawsuit takes place.
Who Can Sue For Wrongful Death And Get A Pre-Settlement Loan
As mentioned before, the family or next of kin of a victim can bring forth a wrongful death lawsuit. They can take some time to grieve and bring that lawsuit when they are ready or do so as soon as the person has passed on. Being that wrongful death lawsuits can take years to advance and settling out of court can be much faster. In either situation, a pre-settlement lawsuit can help with final expenses and help get the family in a better place while waiting for insurance money or other assistance. The situation in which the person died will greatly influence how long that process will take and if the pre-settlement loan is a good idea for them. In wrongful deaths, loans can be done on the expected settlement based on the amounts usually settled for in similar lawsuits.
Getting a loan on this kind of lawsuit is something that may seem like it would be hard to deal with considering the hardship of losing someone that is loved, but getting that money can help with burial and with being able to take proper time off from work to grieve and reorganize life without the person who died.
How Much Can Be Obtained From A Wrongful Death Suit And Its Related Loan
Statistically speaking, wrongful death suits can bring in around $8 million on average, with the lower end in the $7M range and the higher end in the $9M range. These are the numbers obtained from various US government agencies and are usually what comes from major lawsuits. Suits against private parties and not corporations or government agencies can bring in a lot less, so the source of the settlement as well as the type of death will make this amount vary greatly. It’s always better to get things planned for the lower end of the spectrum, especially when going for a loan against the settlement to get something that makes sense and can be repaid with the settlement. Going for a smaller amount will help make certain that the amount is covered and then that there is something left from the settlement once the loan is paid off.
In terms of taxation on wrongful death suits, this needs to be considered when getting the loan so that the taxes can be covered if there are any. Here there are settlements that not taxed as they are compensatory and thus the best way to go about things to get to keep the most of it. When the judgment comes down and it is a case with punitive damages being awarded, those are taxable and this should be considered in the loan taken and how the money is spent. If going for both, then the money can easily be split between the two and taxes should be easy to cover. Overall, the money from the loan is not where the worry of taxation comes from, but the source of the repayment for this loan is where that applies. The best way to make sure this is thoroughly understood is to consult a professional or read about it from many sources.
Wrongful death lawsuits can come with large sums as payments at the end of a lengthy trial or from a settlement out of court, so these often require a loan to make it through the initial expenses of the lawsuit as well as the final expenses for the victim such as funeral costs and paying off bills left behind. This means that a loan is something that should be applied for early on to make sure that the money is approved and available when it’s needed. This can be difficult to do when a loved one has just died, so there are resources to help online.
The Loan Process Doesn’t Have To Be Difficult
Getting that loan application started can be really easy with online resources and does not have to take a lot of time. A great place to start is with
Delta Settlement Funding.