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April 28, 2019

We Pay More Funding "Annuity Specialist" Scam

by Structured Settlement Watchdog

Providing advice about whether a person can sell part of their future payments or all of their future payments for pennies on the dollar is not an annuity specialist.

We Pay More Funding is a Florida company that markets to consumers the idea that their employees are "annuity specialists".  We Pay More Funding is a company that buys rights to future structured settlement payments for pennies on the dollar. The company's tag line is 'the choice that makes more cents".

Unless Rhett Wadsworth and/or any of his employees holds an insurance license and a professional designation the use of the term "annuity specialist is wholly misleading and a fraud. A search of the Florida Department of Financial Services website shows that Rhett Wadsworth is not licensed in Florida. Download Rhett Wadsworth Florida insurance license search. Rhett Wadsworth's LinkedIn profile shows no specialized annuity training, but extensive work with Structured Asset Funding who too provides liquidity to structured settlement annuitants for pennies on the dollar.

A Certified Annuity Specialist - CAS - is a FINRA recognized certification, indicating expertise in fixed-rate and variable annuities. Individuals with the CAS designation offer clients expert advice in regards to investment opportunities in annuities, which provide a stream of income to those who are nearing or in retirement.  Other than the word " certified" , how is a consumer able to discern between a legitimate annuity specialist and one that is simply offering a guaranteed to lose pennies on the dollar solution?

The President of We Pay More Funding is a central figure in litigation against his former employer Structured Asset Funding. Rhett Wadsworth, it has been alleged, groomed a black amputee burn victim. A quotable quote from a December 27, 2015 news story in the Washington Post  "In interviews and court documents, Taylor said the purchasing companies “coached” him in coming up with “false” reasons to explain why he needed the money. In one affidavit that Taylor signed, it said he needed money to pay down credit-card debt. Another said he wanted money to start a nonprofit organization. All of these explanations, he now says, were not true. They “were Rhett Wadsworth ideas. Rhett said it had to look good on paper for the judge to approve it.”  

If Rhett Wadsworth really was an "annuity specialist" and he was so close to Terrence Taylor, knew about Taylor's young child and Taylor's lack of employability, why did Wadsworth continue to pad his pocket with deal after deal after deal?  Why didn't he cut his friend off?

 

Posted at 09:56 AM in Factoring Company Bad Business Practices, False Advertising Re Creating, Buying or Selling Structured Settlements, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Watchdog®, We Pay More Funding |

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Guide to Structured Settlements 2025

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer of 4structures.com LLC
  • How Do Structured Settlements Work? How Structured Settlements Work
    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in on the spectrum of settlement planning solutions.
  • Rated Ages and Structured Settlement Cost
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company which specializes in assessing mortality risk to price its life insurance and annuity products. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used [WCMSA, LMSA or NFMSA].
  • Top Structured Settlement Annuity Companies 2025
    Which life insurance companies issue structured settlement annuities in 2025? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information. Last updated November 3, 2024
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
  • Compare Structured Settlement IRR to Other Settlement Alternatives
    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements 2025
    In 2025, you can structure your settlement payments in various ways. A structured settlement allows for multiple payment types within one agreement. You can tailor and merge different structured settlement payments to suit your individual needs, either alone or alongside other financial instruments. If desired, diversify your structured settlement by utilizing multiple annuity issuers, treasury-funded structured settlements, index-linked structured settlement payments, and market-based structured options.
  • Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees
    Structured attorney fees offer a financial strategy that provides a unique method for deferring taxes for attorneys and their firms. Attorneys can structure or defer their legal fees independently of whether the plaintiff structures their settlement. There are various ways to structure attorney fees, including capped or uncapped index-linked structured settlement annuities with payments adjusted according to the S&P 500 or another index's positive changes. Trial lawyers might also opt for a special deferred payment/compensation arrangement if they seek market-based returns without a cap. As the year-end approaches, consider adding structured attorney fee specialist John Darer® to your settlement planning team for 2025.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated December 9, 2024.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon
  • Structured Settlements and Longevity Risk| What Are the Odds?
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  • Intellectual Property Structured Settlements
    While intellectual property wasn’t a common focus for structured settlements, the growth of IP litigation led to some firms, including 4structures.com, LLC, adapting structured settlements in this context. The 2017 Tax Cuts and Jobs Act shifted some Intellectual Property assets (e,g, patents) from capital gains treatment to ordinary income treatment, while increasing tax rates on lump-sum sales from 20% to 37%, increasing the appeal of structured settlement options for tax planning. Click through for more details!

Qualified Settlement Funds

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    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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