Jane Buffett Sues Late Husband's Advisor Over $275 Million Trust

Jane Buffett, the widow of the late musician Jimmy Buffett, has initiated legal action against her late husband's financial advisor, Richard Mozenter. The lawsuit alleges that Mozenter has failed to administer the singer's multimillion-dollar trust in good faith, which is valued at $275 million and includes assets from Buffett's "Margaritaville" empire of restaurants and resorts. Jane Buffett has requested a judge in West Palm Beach, Florida, to prevent Mozenter from attempting to remove her as a trustee and instead seeks an order removing him from overseeing the estate.

The dispute between Jane Buffett and Mozenter has been ongoing since Jimmy Buffett's death on September 1, 2023. Both parties have accused each other of mishandling funds in lawsuits filed in both California and Florida. Jane Buffett's filing accuses Mozenter of repeatedly breaching his fiduciary duty by failing to provide her with basic information about the trust's assets and investments, while also taking unreasonable fees and costs.

On May 30, Jane Buffett's lawyers provided Mozenter's lawyers with a copy of a petition they planned to file in Los Angeles Superior Court if he did not resign as cotrustee by June 2. Mozenter's counsel instead filed a petition on June 2 in West Palm Beach, seeking Buffett's removal as cotrustee. Jane Buffett's complaint was filed on June 3 in Los Angeles, where Mozenter is managing director at Gelfand, Rennert and Feldman LLC.

Mozenter claimed in his lawsuit that Jimmy Buffett established the trust with Mozenter as an independent trustee because he was concerned about his wife's ability to manage and control his assets. However, Jane Buffett's complaint filed in Florida states that the relationship between her and Mozenter is untenable and asks the judge to remove Mozenter as cotrustee.

Jane Buffett's attorney, Matt Porpora, stated that Jane will not engage in litigation in two separate courts across the country, which would drain the trust money set aside for her care. Instead, Jane is bringing the fight to Florida, where she and Jimmy called home. Porpora expressed confidence that Jane will prevail regardless of where her claims are heard and that her decision to move her claims from California to Florida illustrates that she is the only co-trustee looking to conserve, not waste, trust assets.

The dispute between Jane Buffett and Mozenter is similar to another ongoing battle with the estate of another beloved singer. This highlights the complexities and potential conflicts that can arise in the administration of large estates, particularly when there are multiple parties involved with differing interests and perspectives. The legal battle underscores the importance of clear communication, transparency, and adherence to fiduciary duties in managing high-value trusts. The outcome of this case could set a precedent for how such disputes are handled in the future, emphasizing the need for careful estate planning and the selection of trustworthy advisors.