Personal Injury
The Personal Injury Economist is software that has been developed by EcoFin, Inc., over the course of twenty years and many hundreds of cases in representing both plaintiffs and defendants. Virtually all aspects of the software have been automated, including
Unimpaired Earnings Capacity and Post-Injury Earnings Capacity – with the option to reflect the age-earnings cycle of income generation by gender and ethnicity.
Taxes – Simply by filling in the tax status (single, married, married filing jointly, head-of-household), the appropriate taxes are calculated. Moreover, as children reach the age of majority, the personal exemption deduction is reduced accordingly, as is the switching of head-of-household status to single once all of the children have become adults.
Employment Benefits – While most economists employ statistical averages to determine the value of employment benefits (an available option), the Personal Injury Economist software will calculate the value of each employment benefit that accompanies an individual’s employment position both pre- and post-injury, including
- Social Security contributions by the employer (unless self-employed)
- Health Care – after consideration of the employee’s share of its cost
- Dental Care – after consideration of the employee’s share of its cost
- Vision Care – after consideration of the employee’s share of its cost
- Pension Plan – both defined contribution and defined benefit
- 401(k) Plan – employer’s matching contribution of employee’s contribution
- Profit-Sharing
- Regular Bonuses
- Life Insurance – as a multiple of annual salary (with premiums increasing in accordance with the aging of the employee)
- Long-term Disability
- Other – a catch-all category for miscellaneous other employment benefits. This category also is utilized in lieu of other benefits (with the exclusion of Social Security contributions) automatically should it be desired
Household Services – In severe cases, such as wrongful death, a statistical average based upon the American Time Use Survey conducted by the U.S. Bureau of Labor Statistics is generally desirable. The option to calculate individual categories of lost personal household services is also available for the following:
- Outdoor Tasks – mowing and watering the lawn, gardening, etc.
- Auto Maintenance
- Washing/Ironing
- Meal Preparation
- Washing Dishes
- House Cleaning
- Paying Bills
- Shopping
- Other – This category can also be used as a “yardstick” of losses of 1 hour, 10 hours, etc., per week
The detail and automated aspects of the Personal Injury Economist allow EcoFin, Inc., to analyze the specific circumstances of the injured party and generate a report in about one-half the time for which other economists charge.
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Week's Interest-Inflation Rates