How do you put an amount on this?

[tangerine]

Ok guys I need help from any of you who have been in major car accidents.. My lawyer finally got things rolling on the mediation from my accident 2 years ago and called me about 20 minutes ago and asked me to think of a price that I want in my pocket and then call him in the morning. For you guys that have been through this how do you really put a dollar amount on it and not sound greedy, yet get what you feel your owed?*june 05 I was hit headon by a utility truck owned by the largest electric company in SW Missouri*since then I have lost my appartment, lost my car, lost my job, and lost a large portion of my life*After numerous surgeries and 18 months of physical therapy I was told the damage to my spine will be permanent.I honestly don't know how to put a $$ on this? Having lost so much and having excess of $90,000 in medical bills I don't even know where to start. I asked him what he thinks it is worth and he said no thinking, that I need to talk and discuss an amount I want in my pocket..

[Mavrik]

I'd be greedy... to an extent. You lost everything because of this and the bills keep building up right? No less then 1mil I say...

[tangerine]

Bills keep stacking up because I am still on pain meds and still on muscle relaxers and that all has to come out of pocket because I lost my insurance when I lost my job. Another point I made him address is the fact that I cannot get insurance because of my back. I applied for health insurance at 6 companies and was declined health insurance coverage because of my back.

[02csnow]

These are a few things I would put into consideration. But not sure about the cost. Figuring out the lost of car, lost of job, lost of apartment, and the medical bills is easy. But the pain and sufferring and permanent damage to your spine is hard to put a price on. - free electricity for the rest of your life from the company - cost of the car you lost - how much you could have made from the time you lost your job - the cost of all your medical bills- cost of future medical bills and medication- not sure about the lost of apartment- pain and suffering of surgeries - taking time out of your normal life to go to physical therapy- the permanent damage to your spine- and what you could make in the future- physical and mental damages

[northvibe]

Quote, originally posted by 02csnow »These are a few things I would put into consideration. But not sure about the cost. Figuring out the lost of car, lost of job, lost of apartment, and the medical bills is easy. But the pain and sufferring and permanent damage to your spine is hard to put a price on. - free electricity for the rest of your life from the company - cost of the car you lost - how much you could have made from the time you lost your job - the cost of all your medical bills- cost of future medical bills and medication- not sure about the lost of apartment- pain and suffering of surgeries - taking time out of your normal life to go to physical therapy- the permanent damage to your spine- and what you could make in the future- physical and mental damages+1 to this and mav's statement. You are sorta screwed for life because of this. You need to get money for what happened, what came right after and for the future because of what happened. take them to the bank yo

[jake75]

I am an attorney but do not deal with serious personal injury lawsuits. That is left to attorneys who specialize 100% in such matters. I do know that the better personal injury lawyers have a good idea of what various injury and fact pattern situations are worth. If your attorney can't come up with a number he thinks might work he needs to consult with an expert and that expert's fee should come out of his %. For his generous fee he is supposed to know those things.In Ohio I have seen a lot of what they call "structured settlements" which involves payments over a period of many years. There may be some tax advantages to that. It could be structured to pay a lump sum up front plus so much a year for x number of years, and then another lump sum at the end. The total is a lot higher because a dollar today is worth more than a doller ten years from now. The attorney fee should be based on the present value of the settlement.Generally the lawyers take a smaller % fee if they do not have to go to trial, and of course that also reduces the trial expenses. You might be looking at 37% expenses of a trail verdict vs. 25% of a negotiated settlement via mediation etc. And one thing I have learned in my involvement in a few court cases is that the outcome is never certain. We lost some we should have won, and won some we should have lost.You are not entitled to more just because the defendant has a deep pocket. But since the defendant has a deep pocket it means you will collect what you are entitled to.It sounds like you may be disabled to the point that you could get Medicare early. i am not an expert in that area.

[AKLGT]

good friend of mine had a similar incident but was on a school bus that rolled due to the driver being stoned. she asked for and won $4 million. Also had several surgeries and such, lost a lot of things and can only do a few type of jobs due to the back/spine.i say you should ask for the same. your medical bills will only increase as you get older not to mention your quality of life was pretty much taken from you.

[Whelan]

I agree with snow on this. But be sure to put a number that is high, very high. Cause if you ask for 1 mil and they counter with 600k as their final your screwed.I would seriously consider 5 mil. Why not, covers bills, losses and secures future. Whatever you do, pay your bills first, then invest a load of it.

[tangerine]

I'v heard start at 5 mill from alot of people tonight. I may shoot that his way. I just feel like they are gonna think I am just after a check when I ask for an amount like that. I just wanna get my life back, be able to replace what I lost, go back to school since I can't work labor jobs anymore, and put this all behind me.

[Whelan]

back it up with what snow said. But be vague. Mention medical bills, but don't say how much, mention your car, life, job and apartment all in one, but don't say amounts. It's all a game to them, trust me, they have the cash and these cases always get settled. Expect them to come back with a lower # and pick one you are willing to accept beforehand.It's somewhat a chess game in that you need to get paid, get reparations, and feel satisfied and they just want to sign the check and walk away. One other thing to think of is taxes and lawyer fees. Cause getting that all as income has to be reported and thus tax.

[northvibe]

for sure dude. The accident ruined your back, your young and the rest of your life is now messed up because of the injury and the pain, surgeries and etc. you have to go through because of it, 5 mill is probably cheap considering your age.... just use it wisely once you get some money. Can you ask your lawery what he thinks? he should be able to kinda have a feel for what should be the number too, id think.

[tangerine]

Thats kinda the part that has me angry. I asked my lawyer and he told me to tell him what I want in my pocket. He is the most well known accident attourney in the area and should be able to help me know what I'm looking at. I'v been talking to my parents tonight and even they have no clue how to go because this has put a huge financial burden on them too. They also said he may just be trying to see what is in my head and may want to discuss #'s tomarrow. I dunno I'm gonna sleep on it and find out in the morning. I'll let everyone know what happens tomarrow.

[joholste]

I would say go for 5 mil + current and future medical bills + attorney feesthe 5 mil would be for vehiclelost job from time of accident til nowlost ability to work in future correct?houseemotional damages as i'm sure you've been on a roller coaster since this accident happened.

[Sublimewind]

Yeah man, as everyone has already covered, the dollor is just going to go DOWN over time, 5 mil seems low to me... Once you factor in everthing else, there is still TAXES you'll have to worry about, like capitol gains and not mentioning that it will put you into a higher tax bracket and all... Once you do get it, you should be able to live off the interest and investments.... I wouldn't "low ball" yourself, who know what great things you "could have" done if this hadden't happened...

[98ex]

DUde, start high and negotiate down. That is always the way to do it. Also be sure that your attorney gets you for future medical cost since you will be on pain killers/muscle relaxrs for the rest of your life. I would say if you start at 5 million they will negotiate down A LOT, but it gives you the room there for your attorney to do what they need to.Good luck on your case and post up updates as you get them.

[joatmon]

If you are disabled for life, and hopefully it will be a long life, you might be dealing with the effects of the accident for 50 or 60 more years. Impossible to know what the long term costs are going to be, or how inflation will devalue your settlement over time. But if you can figure out how much money you will need/want. bump that amount up so that you get what you think you need/want after the lawyers take their cut. If you want 2 million, and the lawyers take a third, then be sure to get 3. If you want 5 and the lawyers get half, then don't settle for less than 10

[tangerine]

Here's my problem.1. The company being the largest in the area...is still a small company and I doubt they have that kind of $2. I have damages to my spine, but I'm not in a wheelchair (thank god) so I don't know if they are really going to agree with me being disabled.3. The part that really has me afraid to throw a large number out there is that emotionally, I cannot afford to have this drag out anymore and it is guaranteed to go to court if I ask anything near 1 mill or more. I have got to get my life back before I lose my mind and I dont know how I'm supposed to figure all this **** being 22 years old.

[engineertwin2]

From various settlements I've seen and read about, most states will limit suffering to the same $ amount as the damages.That's a starting point. You may need to research what the limits are...talk to the lawyer, it's his job to help you out. You need to express that you want "what's fair" given everything that's happened.It shouldn't matter whether they are the smallest company in town or the biggest - that should have no bearing on what you feel is fair.Also, most utility companies have insurance policies with $1 - $2 million deductibles, so they will be looking to settle far below that...

[jake75]

Quote, originally posted by Sublimewind »Yeah man, as everyone has already covered, the dollor is just going to go DOWN over time, 5 mil seems low to me... Once you factor in everthing else, there is still TAXES you'll have to worry about, like capitol gains and not mentioning that it will put you into a higher tax bracket and all... Once you do get it, you should be able to live off the interest and investments.... I wouldn't "low ball" yourself, who know what great things you "could have" done if this hadden't happened... The danger of getting legal advice on an auto discussion board - I don't think there are any taxes on reimbuirsements for losses or for personal injury settlements.

[joatmon]

Quote, originally posted by jake75 »The danger of getting legal advice on an auto discussion board - I don't think there are any taxes on reimbuirsements for losses or for personal injury settlements.What bothers me is that it seems he has not been able to get answers from his professional legal advisor. Time to make that guy earn his cut.

[ColonelPanic]

Quote, originally posted by joatmon »What bothers me is that it seems he has not been able to get answers from his professional legal advisor. Time to make that guy earn his cut.Uh huh... This guy should know what to do about the situation if he does this crap on a regular basis.

[AKLGT]

i agree with CP and Joat. sounds like your attorney isn't doing his job. but i can understand not wanting to drag things out longer than you need. but at the same time, don't screw yourself over even more. most likely, they will not take your first offer no matter what. they will ALWAYS counter offer with a lower number.

[jimincalif]

Quote, originally posted by joatmon »What bothers me is that it seems he has not been able to get answers from his professional legal advisor. Time to make that guy earn his cut.Agreed. An attorney who practices in personal injury should be able to evaluate what your injuries are worth. Maybe he needs to bring in an actuary or forensic accountant to quantify it. You have a permanent injury - to what extent and what is the prognosis over your lifetime? At the very least what is the loss of income between the time of the accident and until you can reasonably expect to complete education and get re-employed at a similar income as before? And what about medical insurance? You've been declined. Is there any insurance available at any price? If so, what is the difference between that price and standard issue? What is the present value of that difference over the rest of your life? Compensatory damages are generally not taxed as income to you as they are compensating you for a loss.Structured settlement - not necessarily a bad way to go. The defendent buys an annuity contract to pay you a lifetime income. Because the earnings within the contract are not taxed, a given dollar amount invested in an annuity can create more lifetime income for you than a lump sum you receive and have to invest in taxable investments. You don't necessarily suggest this, but be prepared if they come back with a structured offer as it can save them money too. If they do and you are open to it, you probably should get some lump sum amount up front and then a lifetime income that increases a bit each year.You need some good professional advice. What you "want" in your pocket doesn't seem like an appropriate way to determine what you should receive to properly compensate you for your losses, they need to be quantified. Seems like the lawyer should do this as a part of preparing to negotiate a settlement. I saw your comment about emotionally wanting to get this behind you. I understand. But they count on this. Be strong. Get a second legal opinion if you think it is necessary. Highly recommended and biggest lawyers are still no good if they don't do the work on your case.Good luck.

[jake75]

jimincalif did an articulate professional job of better explaining and elaborating on some of my points. Listen to him.

[tangerine]

I had a long talk with him today and he said the reason he asked what I want is because I asked about this settling out of court because this is putting me in a financial bind. He told me some $s I can expect if I let it go to trial so and said he can try and get some up front $ since it has put me in a bind.