Trouble in Paradise? A Look at Estate Planning Issues for Jimmy Buffett’s Estate

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“Changes in Latitudes, Changes in Attitudes” Are Definitely Occurring at Jimmy Buffett’s Estate

 

Lessons in estate planning often include how to choose the best person or people to be trustee or executor.  In a classic example of “What You Hope Never Happens,” Jimmy Buffett’s widow and former business manager who are co-trustees of the late singer’s $275 million estate are seeking to remove each other from administration. They are launching dueling court actions that each accuse the other of hostility and mismanagement of a trust holding $275 million worth of assets.

In her filing, Jane Buffett is seeking to remove Richard A. Mozenter, Buffett’s former business manager, from his role in overseeing the trust, claiming that he has been “openly hostile and adversarial” towards her since her husband of 46 years died in Sept. 2023.

Richard Mozenter, a managing director at Gelfand, Rennert & Feldman, is the co-trustee, according to the filing in California state court in Los Angeles. Jane Buffett claimed in her suit that Mozenter and his firm received $1.7 million in fees from the estate last year. His attorneys filed their own suit on June 2 in state court in Palm Beach, Florida, saying she has interfered in ways that have cost the trust money. Mozenter claims he was Jimmy’s “trusted financial advisor” for over 30 years, and that the singer purposefully limited Jane’s control of the trust because of concerns about his wife’s “ability to manage and control his assets.”

The late singer’s assets include a 20% stake in Margaritaville, a company with interests in more than 30 restaurants and bars and 20 hotels, including one in New York’s Times Square. That business has paid distributions of roughly $14 million over the past 18 months, according to the suit. The estate’s share of the Margaritaville business was valued at $85.3 million.

Buffett is best known for his 1977 hit Margaritaville. He went on to build a business empire, promoting the laid-back, beachy lifestyle inspired by the song.

Ultimately, Jane and Mozenter are both seeking to remove each other from the marital trust’s administration and appoint a new co-trustee. There is definitely more trouble, than cheeseburgers in paradise. If you have concerns about your estate plan, reach out to us at Anthony J. Madonia & Associates, Ltd. (312) 578-9300 or info@madonia.com