While it is never easy to lose a loved one, this loss is particularly difficult to handle when it should have been avoidable. These situations can often leave you and your family with feelings of anger, frustration and confusion as to how this could have occurred. You might also be feeling overwhelmed at how your family will stay financially afloat if your deceased loved one provided for your family.
If you’ve lost a loved one due to the negligent actions of another, you may be entitled to file a wrongful death lawsuit in order to recover compensation for your damages. While no amount of money can truly compensate you for your loss, a wrongful death settlement can be an important way for your family to overcome the financial burdens caused by this tragic event. At The Jensen Phelan Law Firm, we’ve witnessed firsthand the devastation caused by a wrongful death, and we will help you through this difficult time in your family’s life.
Potential Damages You May Be Entitled to Recover
There are typically two categories of damages awarded in a wrongful death claim:
- Economic damages
- Noneconomic damages
Economic damages cover any financial losses your family has experienced due to the death of your loved one. This may include:
- Medical bills associated with the injury or accident that resulted in the loss of your loved one
- Funeral and burial expenses
- Any lost income and benefits your loved one would have earned in the future
Noneconomic damages are awarded to compensate your family for non-monetary losses you have experienced, including:
- Pain and suffering
- Lost value of household services performed by your deceased loved one
- Loss of companionship
- Loss of consortium
In some instances where the actions that led to your loved one’s death are particularly egregious, you may also be awarded punitive damages.
Are Wrongful Death Damages Taxable in Arizona?
Damages in a wrongful death lawsuit are generally not taxable since they are being awarded to compensate you for a financial loss. Both economic and noneconomic damages are considered compensatory and are typically exempt from taxation in Arizona.
However, there are certain situations where a portion of your damages may be taxable. These include:
- When medical expenses associated with the death of your loved one have been claimed as a deduction on a prior tax return
- When punitive damages are awarded (since these aren’t considered compensatory, they may be subject to taxation)
The Jensen Phelan Law Firm Can Help
Wrongful death cases are often highly complex, and it’s crucial that you work with experienced lawyers who can protect your rights every step of the way. At The Jensen Phelan Law Firm, we have over 50 years of combined experience fighting for wrongful death victims in the Prescott, Arizona area. We’ve recovered millions of dollars on behalf of grieving families, and we can help ensure your family has the financial resources necessary to move on after this devastating time in your lives.
Please contact The Jensen Phelan Law Firm using the form on this page or call 928-778-2660 today to schedule a complimentary consultation. We serve clients in Prescott, Cottonwood and throughout Northern Arizona.