What is The Administrator of the Estate?
When a person dies and leaves no will, someone has to be appointed to take care of their belongings and anything else they’ve left behind. In a wrongful death case, the administrator of the estate will be the one to file and see to it that things are carried out that would benefit both the deceased and any survivors.
Usually, preference is given to a surviving spouse. If there is no surviving spouse, any legal heirs at law will typically be deemed the administrator of the estate.
Because wrongful death cases can be somewhat complex and emotionally draining, it is absolutely key that you have an attorney who can help you through these trying times. Please feel free to have a look around our website for more information or give us a call at (804) 250-5050 for a consultation.
Will A Drunk Driver Pay More In a Virginia Personal Injury Case?
Possibly. Usually, in a personal injury case, you might be able to recover what is known as compensatory damages. These may cover your lost wages, your medical bills, pain and suffering or property damages. However, Virginia State law states that statutory punitive damages can also be awarded if it is proven that the drunk driver in question was showing a clear disregard for your rights.
If a drunk driver doesn’t have charges you may still be able to have the fact that they were or may have been drinking entered into evidence. In order to work on these cases, personal injury attorneys must be well versed and educated in the state laws surrounding Virginia drunk drivers. If you have been injured by a drunk driver in Virginia, even if that driver didn’t have charges brought up against them, visit our site or give us a call at (804) 250-5050.
Do I have to pay taxes on my Virginia Personal Injury Settlement?
Sometimes. In certain situations.
Though we refer to these pieces as “Frequently Asked Questions”: this is one that only occasionally comes up: Are car accident settlements taxable?
Before we get started, in order to comply with IRS requirements, it needs to be known that any U.S. federal tax advice written here, in addition to any attachments you may find- isn’t meant to be or written to be used, and cannot be used, for the purpose of avoiding any penalties under the International Revenue Code or marketing, recommending or promoting to any other person or party a transaction or issue that is addressed here. You should seek professional advice in those cases based on whatever your personal tax situation may be.
So, when it’s all said and done, you finally receive the compensation from your accident, whatever amount that may be. That may be a rather large sum of money and it can make you wonder if your accident settlement might have some tax ramifications. The answer is: probably not.
Insurance payments that are meant to cover property damage is generally considered compensation to restore property to its previous condition prior to an accident. Therefor, you’re only going to have any sort of tax-gains if that payment is more than the cost of whatever property has been damaged. Usually with a car accident, the insurance payment isn’t going to be more because from the moment you drive it off the lot: the value of your car or truck begins to decline. Any money you do receive is going to be an adjustment to the cost of said property and it doesn’t matter if you restore it or not, in terms of having a gain.
Even if the shop doesn’t charge you as much to fix your car, it’s still going to be added back to whatever the basic cost of the car was. Now, if your vehicle has been depreciated for a business, you do have to figure on allocations between business and personal: and it will depend on the amount you’ve claimed with it whether or not you have a business gain even if you don’t have one for personal. This is something you need to discuss with your tax professional in such cases.
In terms of personal injury, however, your insurance settlement is not going to be taxable.
This has all been a very basic overview and you can find more information via the IRS, particularly Publication 525: Taxable and Nontaxable Income.
Of course, with any tax questions you may have, it’s important to speak with a tax professional. However, in respect to your personal injury case, and any other aspect of potential compensation for your injuries, we’re more than happy to help. Please feel free to contact our Richmond Virginia personal injury lawyers at (804) 250-5050.