Are Personal Injury Settlements Taxable?

Oct 2

If you recently suffered injuries in an accident that resulted from another person’s negligent behavior, you may be eligible for various types of settlement compensation. Fortunately, in the State of Indiana, most personal injury settlements are not taxable at the state or federal levels.

To maximize the monetary compensation that you recover in your personal injury case, you must have a skilled lawyer representing you at every stage of the proceedings. The knowledgeable and compassionate Indiana personal injury lawyers at Blackburn Romey could help you gather the documents necessary to support your injury claim, submit those documents to the at-fault party’s insurance company, and pursue the monetary settlement that you deserve. Moreover, if the insurance company does not make you a fair settlement offer in your case, then you could always file a lawsuit in the state court system.

Our legal team can help you make informed decisions throughout your case and pursue the highest amount of monetary compensation available to you. For more information about how we could assist you with your legal matter, please speak with a member of our trusted legal team for more information.

 

Accidents that May Lead to a Personal Injury Claim or Lawsuit

Personal injury claims and lawsuits arise when other people behave recklessly or carelessly under the circumstances. Some of the most common accidents that lead to personal injury cases – and which may result in serious injuries – include:

  • Car and truck accidents
  • Pedestrian accidents
  • Bus accidents
  • Motorcycle and bicycle accidents
  • Incidents of medical negligence and malpractice
  • Slip and falls and other premises accidents
  • Workplace occurrences
  • Construction and building site accidents
  • Boating accidents
  • Theme park and amusement park accidents
  • Escalator and elevator accidents

If you suffered physical injuries in one of these types of occurrences, our legal team could investigate the circumstances and determine your eligibility for pursuing favorable settlement compensation from the at-fault party’s insurance company. We could then help you file the necessary claim or lawsuit to pursue the maximum amount of settlement compensation you deserve.

 

Common Injuries in an Accident

When other individuals and entities are negligent, serious accidents may result, which in turn lead to debilitating injuries. In some situations, these injuries are permanent and may have long-lasting effects. Some of the most common injuries that accident victims may suffer include:

  • Eye injuries
  • Mouth and teeth Injuries
  • Traumatic head and brain injuries
  • Spinal cord injuries
  • Full and partial paralysis injuries
  • Road rash
  • Open lacerations
  • Bruises
  • Rib fractures
  • Soft tissue contusions
  • Bone fractures
  • Internal bleeding
  • Internal organ damage
  • Death

While you complete your medical treatment, our legal team can begin to gather the documents necessary to satisfy the legal elements of your case and pursue the monetary settlement you deserve.

 

Legal Burden of Proof in a Personal Injury Case

In any personal injury claim or lawsuit, the injured accident victim must satisfy their legal burden of proof to recover a monetary settlement for their injuries. First, the accident victim must establish that the at-fault party owed them a legal duty to act reasonably under the circumstances. For example, in a slip and fall accident, the premises owner likely had a duty to keep their premises in a reasonably safe condition for the benefit of property visitors.

Next, the injured accident victim must establish that the other party violated their legal duty of care. For example, in a slip-and-fall accident scenario, the property owner might have been aware of a defect on their property, such as a spill. However, they may not have cleaned up the spill within a reasonable amount of time.

In addition, the accident victim must show that the other party’s breach caused their injury.

To establish this legal duty of care, we may be able to retain several experts who could testify in your case. For example, an expert accident reconstructionist might be able to prove how your accident happened and who was at fault for the accident.

 

Recovering Favorable Monetary Damages in a Personal Injury Case

To recover monetary damages in a personal injury case, you will need to satisfy your legal burden of proof. The monetary compensation you recover will largely depend upon the severity of your injuries, the type of accident that occurred, the complexity of your medical treatment, and whether or not you suffered a permanent injury in your accident.

First, you may be able to recover compensation for your related medical costs – including anticipated medical expenses, if you suffered a permanent injury in your accident. If you had to miss time from work or switch to a lower-paying job, you might be eligible for lost wages or loss-of-earning-capacity damages.

Next, you might be eligible to pursue compensation for your intangible losses, including mental distress, past and anticipated pain and suffering, loss of spousal companionship, lost quality of life, loss of the ability to use a body part, and permanent disability or disfigurement.

Our legal team could determine which of these damages you might be able to recover via settlement or litigation in your case. We could then help you take the necessary steps to maximize your overall damage award and become whole again.

 

Speak with an Experienced Personal Injury Lawyer in Indiana as Soon as Possible

If you suffered physical, mental, or emotional injuries in an accident that resulted from another person’s negligence, the skilled legal team at Blackburn Romey is here to help you favorably settle or litigate your case. Our team will do everything possible to help you maximize the total settlement compensation you receive for all of your accident-related losses.

For a free case evaluation and legal consultation with a knowledgeable and compassionate Indiana personal injury lawyer, please call us at 219-769-7415 or contact us online today.

 

 

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