Frank C. Kilcoyne, CSSC
Volume 16 | July 2007

The Test of Time

1987: The New York Giants defeat the Denver Bronco’s 39-20 in Super Bowl XXI; Fox Television Network makes its primetime debut (along with The Simpsons); the stock market falls through the floor on “Black Monday” while President Ronald Reagan challenges Soviet Premier Mikhail Gorbachev to “tear down that wall!” Most notably, America welcomes Frank Kilcoyne to his new structured settlement career.     

Twenty years later, how has everyone fared?  The Giants have had good years and bad, the stock market roared back, crashed again, then recovered.  The Berlin Wall indeed came down and Fox is now a dominant force in television.  The Simpson’s are still going strong, as is my structured settlement career (thank you very much).    

1987 was also an important year for Daniel McClintock.  This 25-year-old construction worker settled his personal injury claim with a structure and became one of my first beneficiaries.  As this is the twentieth anniversary of both my new career and his structured settlement, I decided to call him up and see how he was doing. 

I found him still living in upstate New York, dutifully receiving his structured settlement benefits right on schedule.  Originally we funded his structure for a total cost of $ 75,000.  The plan looked like this:

  • $ 23,000 in up-front cash
  • $ 287 per month for life, 35 years certain, increasing by 3% per year
  • Lump sum payments:
    • $   5,000 at age 30
    • $ 10,000 at age 35
    • $ 15,000 at age 40
    • $ 20,000 at age 45
    • $ 25,000 at age 50
    • $ 25,000 at age 55

To date, it has paid him $ 148,789 in tax-free income with an additional $222,202 to go.  His regular checks have now grown to $ 518.50.

I asked him whatever happened to the up-front cash payment he received and he laughed and told me he had no idea where that money went; it slipped through his fingers a long time ago.  I asked him how he felt things might have gone had he taken the entire settlement in cash.  He answered that, as much as he would like to say that he would have invested it and made a killing, he probably would have simply blown a larger amount of money. 

He told me that his daughter is starting college this fall and the $ 20,000 lump sum payment he received this past March was going to go a long way toward paying her education costs.  He marveled at this one item because, at the time of settlement, he had not yet even met her mother. Now his settlement package was going to help pay his daughter’s education costs. 

I asked whether he ever had any problems with his payments and he said that I would have heard from him if he had.  All of his checks (and now his direct deposits) have been received in full and on time; no trouble whatsoever. 

Mr. McClintock thanked me for helping him set up his settlement package so long ago.  Even though he is gainfully employed and doing fine, it comforts him to know that he is going to receive a payment every month no matter what happens.  I thanked him for thanking me and we said our goodbye’s. 

Time is one of the great equalizers in life.  When I first spoke with Mr. McClintock, the Soviet Union was the evil empire, Michael Jackson the hottest entertainer on the planet, and Gary Hart the shoe-in Democratic Party nominee for President.  Now the Soviet Union has vanished, everyone wishes Michael Jackson would, and most of you are saying “Gary who”? 

Since 1987, many fortunes have been made and lost, an entire generation has entered the workforce, and Mr. McClintock’s payments just keep on coming. 

Know any claimants who could use this kind of financial security?  Do them a favor and offer them a settlement that will stand the test of time.  Call Frank C. Kilcoyne, CSSC at 800-544-5533. I am here to help.