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New York 50A - Medical Malpractice Simplified System
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New York 50A Simple Operating Systems |
Simple New York 50A System. The 50A systems incorporate a relatively simple, easy to use system for valuing Awards. It serves the function of making and/or revising the calculation, documenting the calculation and its detail, and reconciling the net result back to the submitted Award. It offers an array of tools for calculating taxes, applying collateral source offsets, interest and second level discounting, as appropriate. The results can be stored for later retrieval and update, or, as part of an offer, transmitted to others who use the system. New York 50A Medical Malpractice cases will often lend themselves to simple valuation. The following is a guide to help the attorney in accumulating data for a Simple Award valuation. The categories of loss are those into which elements of loss are most often summarized. They are Pain and Suffering, Medical Expenses and Economic or Pecuniary Loss. For purposes of valuing an award for future damages, all payments for loss are considered periodic with initial payment occurring in the immediate future (the date of the verdict). Case Information a.) Case Caption: ________________________________________________ b.) County of Filing: _______________________________________________ c.) Docket: _____________________________________________________ d.) Plaintiff: __________________________________________________ e.) DOB: ___________ Sex: _________ Life Expectancy: _________________ f.) Decedent: _____________________ Date of Death: _______________ g.) DOB: ___________ Sex: _________ Life Expect. at Death Time:__________ h.) Date of Event: ___________ Date from which losses began:___________ i.) 50A or Amended 50A: _________50A Wrongful Death: ___________ (In wrongful death actions under 50A as amended, future damages are to be paid as a lump sum without further reference to Section 5031. Section 5031 provides for discounting of future damages, deduction of litigation expenses and attorney fees and setoff of comparative negligence and settlements. Prior to amended 50A, the Awards were to be reported out without reference to the periods over which they were to be paid (Lump Sum). No mention is made of Collateral Source Offsets as set up under Sec. 4545, but, since there is no future expense against which collateral source is to be applied, there may be no offset.) Litigation Expenses: ______________ Past Damages: ______________ 1.) Pain and Suffering a.) Past Damages: _____________ b.) Period of Payment: ____________Years _________Months (Maximum 10 years) c.) Amount: _______________ 2.) Medical Expenses a.) Description: ____________________________________________ b.) Past Damages: _____________ c.) Periodic i.) Period for Payment _______Years, _____Months ii.) Payment Sequence (Monthly etc.)_______________ iv.) Total Amount: _____________ 3.) Economic Loss b.) Past Damages: _____________ c.) Periodic (Future) i.) Period for Payment _______Years, _____Months ii.) Payment Sequence (Monthly etc.)_______________ iv.) Total Amount: _____________ Taxes Associated with Lost Earnings (specified in Sec. 4546 for Actions under 50A, but not specified for 50B.) Statutory Rates : __Simple __PooledFederal Rate______ applies to ______% of Earnings State Rate _______ applies to ______% of Earnings Local Rate _______ applies to ______% of Earnings or Taxes Paid Year 1 Year 2 Year 3 Earnings ________ ________ ________ Fed. Tax ________ ________ ________ State Tax ________ ________ ________ Local Tax ________ ________ _______ 4.) Collateral Source Payments (Offsets) . These are obligations to pay occasioned by the loss, e.g. Social Security Survivor Benefits. There must a reasonable certainty of payment (subject only to the continued payment of premium and such other financial obligations as occasioned by the agreement), and the source must not be entitled to a statutory lien. Collateral Source obligations may also apply to care, custodial care and rehabilitative care, though it is difficult to envision any where the only condition to delivery of care is continued premium payment.i.) Description: _________________________________________ ii.) Period for Payment _______Years, _____Months iii.) Payment Sequence (Monthly etc.)_______________ iii.) First Payment Date_____________ iv.) Current Payment Amount_____________ v.) COLA Applicable _________% vi.) Cost of Maintenance (last two years)___________ vii.) Ongoing Cost to Maintain______________ viii.) Inflation on Ongoing Cost______________ |
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