We all have a vision for how our professional career will play out, but a catastrophic injury can change those plans in an instant. And while a significant injury can flip your life upside, one area that shouldn’t take a major hit is your finances. That’s because Minnesota not only allows an individual to collect compensation for lost wages, but also lost future earnings capacity. In today’s blog, we explain how lost future earnings capacity is calculated in Minnesota.
Determining Lost Future Earnings Capacity In Minnesota
Figuring out how much to pursue with a lost future earnings claim is a bit tricky in Minnesota, especially compared to a payout like lost wages. With a lost wages claim, you are simply paid two-thirds of your average earnings. For example, if you make $6,000 a month, a lost wages claim would pay two-thirds of that amount, or $4,000 every month that you’re eligible. There is a very simple formula that is used to determine a lost wages claim, and while things like overtime or bonuses can make it a bit more complex, overall this type of compensation claim is pretty straightforward.
Unfortunately for injured Minnesotans, calculating lost future earnings capacity isn’t so simple. There’s no standard formula for lost future earnings capacity, but that doesn’t mean that it’s impossible to come to a reasonable number. In order to come up with an appropriate figure, your best move is to sync up with a team of injury lawyers like the ones you’ll find at Hey Workers. Our team has decades of experience winning lost future earnings claims for our clients, and we know how to build a strong case for you. The insurance company will work to discredit your figures and career accomplishments, and if you don’t have experience pushing back against these claims, you may miss out on a fortune. Let our experienced team of professionals go to bat for you and get you every penny you deserve.
But what type of factors will be considered when trying to determine how your injuries have impacted your future earnings capacity? Some factors that your lawyer will use to come to a fair estimate include:
- Work history
- Education level and continued credentials or certifications
- The advancement opportunities offered in your line of work
- The timeline of previous advancements, raises or promotions
- Projected trajectory of your career
- Your individual skills in your field
You’ll sit down with a lawyer and cover all the above topics to get a better understanding of how your career and future financial earnings may have played out if not for your injuries. With all this information at their disposal, your lawyer will then build a case that clearly shows the financial opportunities you’re missing out on and why we believe these figures are accurate. We’ll also prepare to counter any pushback that we receive from the other side, and you can trust us when we say there will be pushback.
Your life has been uprooted enough by this injury, don’t let it cripple your financial future. Instead, trust your injury case to the team at Hey Workers and know that your family’s financial future is protected. For more information, or to talk with a lawyer about your case, reach out to our team today at (844) 439-9675.
