How Long Does it Take to Receive an Asbestos Claims Payout?

Asbestos claims payouts are financial awards defendants pay to patients and their family members affected by mesothelioma and lung cancer. There is no firm timeline for an asbestos claim payout, but certain factors can influence how quickly you receive payment. Factors that impact an asbestos claims compensation timeline include state laws and regulations and the number of businesses named in the claim. The time frames of asbestos claims payouts can also be influenced by:

  • Certainty of Liability: If there is not ample proof of liability, the trial could take longer.
  • Statute of Limitations: The statute of limitations refers to a certain period of time in which legal action can be taken. After the statute of limitation expires, you cannot file an asbestos claim or mesothelioma lawsuit.
  • State Jurisdiction: Some states require the trial to take place within one year.

Some asbestos victims can observe compensation within 90 days or less, however, the suit can last over 5 years. An experienced asbestos lawyer can help quickly negotiate an asbestos claim. Get in touch with a lung cancer or mesothelioma attorney today.

Average Asbestos Lung Cancer Settlements

The average asbestos claims payouts and mesothelioma settlements is $1 million to $1.4 million. The average lung cancer victim settlement ranges from $700 thousand to $100 thousand. This number represents the total compensation that patients received from all defendants named in their settlements.

Average compensation for asbestos claim

There are several factors that affect the legal settlement amount including:

  • Type of Illness: The type of mesothelioma and lung cancer could affect the award amount.
  • Stage of Illness: Whether you are in stage 1 or stage 4, the timeline of the condition can affect the settlement.
  • Medical Expenses: A defendant may agree to pay for medical treatment expenses associated with lung cancer or mesothelioma.
  • Lost Wages: Between treatments and their side effects, patients and their loved ones may be unable to work, causing a loss of income. Defendants may pay for lost wages.
  • Company Negligence: If you were negligently exposed to asbestos, there could be a greater award.
  • Companies Named in Suit: In suits where there are multiple companies named, they may settle to avoid negative publicity.

How Do You Prove Asbestos Exposure for an Asbestos Claims Payouts?

If you are experiencing lung cancer symptoms, such as shortness of breath, due to asbestos, you may have to prove exposure for a payout. It can be difficult to find and gather the proper documentation to prove asbestos exposure. Not only can it be arduous to find documentation, but it can be emotionally strenuous to have to prove the cause of your illness. Experienced asbestos attorneys will help prove asbestos exposure by:

  • Using databases to connect you to those liable for negligent exposure
  • Gather documents proving exposure i.e. workers’ compensation, the contact information of witnesses, etc.
  • Document diagnosis documents i.e. pathology reports, imaging scans, physician’s statements, etc.
  • Using databases to connect you to exposure i.e. asbestos products

Are Lung Cancer & Asbestos Claims Payouts Taxable?

Asbestos claims payouts are not typically taxable under federal or state tax laws. There are certain parts of a payout are non-taxable as they cover expenses directly related to asbestos exposure. Non-taxable mesothelioma settlements forms include:

  • Emotional Distress: According to the IRS, emotional damage is free from taxes if it directly correlates with injuries.
  • Personal Injury: Personal injury claims are not typically taxable as they are directly associated with the claim.
  • Medical Expenses: Medical expenses count directly toward personal injury costs, so they are not taxable.
  • Wrongful Death: Asbestos claims after death, wrongful death suits, are often not subject to taxes, but vary by state.

On the other hand, some parts of a settlement are taxable. The parts of the settlement that are taxable relate to monies that would typically be taxed if they were not related to a settlement including wages and payments. Taxable lung cancer financial compensation related to an asbestos claim includes:

  • Attorney’s Fees: The plaintiff will be taxed off the full award amount, not the amount after the attorney’s fees.
  • Lost Wages: Awards for lost wages are taxable as if the patients earned the income while working.
  • Punitive Damages: You should report these as “other income” when filing taxes
  • Other Compensation

How Much Compensation Should I Expect to Receive?

There are many variables that dictate how much compensation you could receive for lung cancer or mesothelioma compensation. There are several challenges that affect the timeline and your asbestos claims payouts. Whether you are having difficulty proving asbestos exposure or want to find asbestos trust funds, having a skilled lawyer can help overcome these difficulties. Lung Cancer Center has expert attorneys that can provide guidance on how much compensation you can expect to receive from lung cancer lawsuit settlements.

Connect with an adept Lung Cancer Center lawyer today and receive your free lung cancer guide.