Jimmy Buffett’s Widow Battles Advisor Over $275M Trust Dispute
Jane Buffett, the late singer’s wife, is engaged in a legal battle with her late husband’s financial advisor, Richard Mozenter, over the management of their $275 million marital trust. The dispute has escalated to the point where both parties are seeking to remove the other from the trust, which Buffett established to ensure Jane’s financial security. Jane’s legal team has accused Mozenter of failing to act in her best interests and of imposing unnecessary fees, while Mozenter maintains that Jane is unsuitable to oversee the assets.
The conflict became publicly known after Jane’s legal team filed a counterclaim on July 21, revealing that the battle over Buffett’s fortune began shortly after his death in 2023. Jane’s attorney, Matt Porpora, stated that litigation in multiple courts would drain the trust’s resources, which Buffett intended to use for her care. Instead, Jane is moving the case to Florida, where she and Jimmy lived, claiming that her decision to consolidate the case demonstrates her commitment to preserving trust assets.
Mozenter, in his own lawsuit filed on June 2, argued that Buffett had selected him as a co-trustee due to concerns over Jane’s ability to manage the substantial wealth. He requested that the Florida court remove Jane from the trust, asserting that she would not benefit from its management. Jane’s original filing alleged that Mozenter had stonewalled her following Buffett’s death, refusing to provide requested information about the trust’s status and instead charging her excessive fees. According to the filing, Mozenter had given Jane an estimate that the trust would generate less than $2 million in net income annually, leading him to recommend she adjust her lifestyle or sell her real estate to cover expenses.
This dispute underscores the complexities of estate planning and the potential for contentious legal battles among beneficiaries and trustees, especially when dealing with large estates. Buffett, who became a billionaire in 2023, built his fortune through his music career and the expansion of the Margaritaville brand, including resorts, restaurants, and cruises. His marriage to Jane in 1977 and their eventual reconciliation before his death further add a personal dimension to the legal conflict.