(Report) – Jimmy Buffett’s multi-million dollar property is currently included in two counter-lawsuits, according to reports.
Buffett’s widow Jane Buffett and his financial advisor Richard Mosenter debate who controls the singer’s trust. Jane Buffett in her lawsuit claims the trust is worth $275 million. Her case was reportedly filed June 3rd in Los Angeles Civil Court the day after the Mogenters. Mogenter was filed in Palm Beach County Circuit Court.
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Records show that the duo have accused each other of mistakenly misunderstanding the trust and are asking judges in each jurisdiction to remove it as a joint trust. Barrons reported that his trust includes a 20% stake in Buffett’s Margaritaville Holdings, which was founded by the Buffett family. It reportedly owns and operates hotels, cruise ships, casinos and more.
Buffett’s will was written more than 30 years ago and was revised twice in 2017 and twice in 2023. According to the legal application, trust was created “for the sole benefit of the wife’s life.” The assets in the trust reportedly include:
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Mozenter’s lawsuit alleges that Buffett, who built the Margaritaville brand, has established his trust with Mozenter as an independent trustee, because he is concerned about his “ability to manage and control Jane’s assets.”
Jane Buffett has been described as “very angry” about the structure of trust, according to the lawsuit, saying that he “acts repeatedly in a hostile way, is completely uncooperative with Rick, and tries to manage the trust.”
The lawsuit stated that since Buffett passed away in 2023, Jane Buffett “acts solely as a beneficiary on behalf of herself, not as a joint trust.” She reportedly refused to cooperate with Mozenter on financial analysis, tax returns and more.
Montether said that despite Jimmy Buffett wants all three children to remain beneficiaries, Jane Buffett even tried to free the couple’s eldest daughter from trust. Their children – Savannah, Delaney and Cameron should receive the remaining assets of the singers left behind after Jane Buffett’s death.
Jimmy Buffett’s widow says the joint signal is “clearly short.”
However, in Jane Buffett’s lawsuit, she argued that Mogenter was “clearly lacking” in his role as a co-reliant sect. She said that Mogenter and trustee’s lawyer Jeffrey Smith were hostile towards her and worked against her greatest interests.
Buffett was married to Jimmy Buffett for 46 years, but said he had not been able to obtain detailed financial information from the trust since his death. This includes the money she is supposed to receive as income. In the meantime, Mozenter and his company are said to have paid $1.7 million over the past year.
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When Buffett was reported in April 2024, the lawsuit stated, “This was not a work product that Mrs. Buffett would expect to receive from a professional accountant paid to the handsome after a few months of delay.” Buffett was told her income should be around $2 million, but the lawsuit alleges that the case is “a significantly lower return on the trust with an estimated $275 million assets.”
Buffett’s lawyer Matthew Polpola said, “Rick Mosenter directs funds Jane’s alternative to cover instead, and is wary and upset that he is dragging it into herself… a legal cost and unfounded attempt to remove her from the very trust established to protect her.
A couple’s trust allows someone to pass on a portion of their property to the beneficiary of their choice, ensuring that the assets are not taxed when the assets die. These trusts will support your spouse for the rest of your life. And when they die, real estate taxes are paid, according to the managing director of Justin Flach’s wealth strategy, Ascent private capital management at US Banks.
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These assets will become governed by “very specific rules regarding how they will be used by their surviving spouses,” Flach said. However, if the trust qualifies for a deduction, the surviving spouse can earn all income from the trust and require “that the assets of the trust are productive to generate that income.”
It is unclear what will happen next in these lawsuits.
