Posted on 06/13/2025 5:36:32 AM PDT by where's_the_Outrage?
A court battle is brewing over Jimmy Buffett's $275 million estate.
The late singer's widow, Jane, and the co-trustee of the estate, Richard Mozenter, have filed lawsuits against one another.
Attorneys said the Buffett case offers important lessons for families planning wealth transfers.
A court battle over the late-singer Jimmy Buffett's $275 million estate has highlighted the growing litigation over the trillions of dollars in wealth being passed down to spouses and families, experts said.
Jimmy Buffett's widow, Jane Buffett, filed a petition last week in a Los Angeles court to remove her co-trustee, Richard Mozenter, from the marital trust created to support her after the singer's death in 2023. Jane Buffett, who married Jimmy in 1977, alleged that Mozenter has been "openly hostile and adversarial" toward her and has refused to give her details on the trust and its financials. She alleged Mozenter is collecting "excessive fees" of $1.7 million a year and that he's mismanaging the trust assets, projecting income of only $2 million, implying annual returns of less than 1%.
Mozenter has filed his own lawsuit in Palm Beach County, Florida, alleging that Jane has been "completely uncooperative" in his efforts to manage the trust. He said Jane has interfered in business decisions, refused to meet with Mozenter and breached her fiduciary duties by "acting in her own interest."
The case has put a spotlight on the estate plans and business empire left by Jimmy Buffett, the singer famous for hits like "Margaritaville," "Cheeseburger in Paradise" and other breezy, beach-vibe hits. Along with his song catalogue, Buffett left homes, cars, planes and a multimillion-dollar stake in his brand business.
(Excerpt) Read more at msn.com ...
Mea culpa
Mea culpa
Mea maxima culpa
That’s a lot of flipflops.
That may be the case; articles about Buffett not long before his death estimated his net worth at over $1 Billion. I think there was a piece in Forbes magazine about him, titled "Beach Bum Billionaire".
Outside Co-trustee ... never a good idea, in most situations.
I think a large percentage came from his Margaritaville resorts.
So he HIRED someone to legallytake all the money!
I'm sure he set it up that way, because she has issues and everyone else has to pay.,
my two cents. 275m , what's she need 275m. She can tell everyone she has it, ill bet if she wants to move, the lawyer will sell her places and settle her down someplace more to her liking.
The tailgating was EPIC during the Buffett shows.
Miss them...
I think like Trump, Buffett made most of his money from licensing.
😂
His wealth was guaranteed when he bought the Krispy Kreme
donut franchise for South Florida.
I understand that Jimmy’s politics left something to be desired, like so many other entertainers; but to those of us who lived in South Florida and the Keys during those times, he described perfectly a wonderful lifestyle and attitude that we all knew and loved. And, for that, we are all eternally grateful. Sorry to hear about his wife’s troubles, but not surprised . My two cents.
That’s why I thought it was more. Still a nice sized estate. He had his hands in a lot of ventures.
Between the taxes and the law suits the lawyers will end up with most of it.
“Will miracles never cease?
A lawyer an honest man.”
Poor Richards Almanac
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.