Jimmy Buffett’s Widow Sues Advisor Over $275M Trust Dispute

When Jimmy Buffett passed away on September 1, 2023, at age 76, he left behind more than just flip-flops, frozen concoctions, and mellow tunes. The beloved king of “yacht rock” and mastermind behind the sun-drenched Margaritaville empire had a net worth estimated at $1 billion, with $275 million placed in a meticulously crafted Marital Trust to provide for his wife, Jane Buffett. That trust, now the center of a blistering coast-to-coast court battle, was supposed to keep life smooth sailing for his widow. Instead, it's stirred up a storm that’s anything but laid-back. And yes, if you're humming 'Come Monday' while reading this, it's the same here.

From Cheeseburgers to Court Orders

At the heart of the brawl is Richard Mozenter, a longtime financial advisor and managing director at Gelfand, Rennert and Feldman LLC. Mozenter was appointed as an independent co-trustee of the Buffett Marital Trust, allegedly at Jimmy’s request due to concerns over Jane’s financial management capabilities. Jane, naturally, disputes that claim and says she’s been left “in the dark,” ignored, and disrespected by a man she now labels "rude and bizarre."

According to legal filings, the advisor is accused of:

• Withholding investment and asset info
• Charging excessive and unexplained fees
• Failing to act in Jane’s best interest

Jane Buffett, the sole beneficiary of the trust, wants Mozenter removed from his trustee seat. He, meanwhile, filed suit, first trying to have her removed. So, now it’s Florida vs. California, trustee vs. co-trustee, and Jimmy’s money caught in the middle.

What’s Inside the Buffett Trust?

We’re not talking just royalties here. The Marital Trust is said to encompass a substantial portion of the Margaritaville empire, comprising restaurants, hotels, resorts, casinos, and even retirement communities. Add to that Jimmy’s music catalog (hello, Margaritaville, Volcano, Fins, and Cheeseburger in Paradise), plus merchandise, licensing, and endorsement deals, and you're looking at an asset pool that cranks out tens of millions annually in passive income. While the exact revenue breakdown isn’t public, Margaritaville Holdings has been a commercial juggernaut. In fact, even before Buffett’s passing, the brand was estimated to be worth $1.5 billion, with operations in over 30 locations and plans for expansion. The trust's $275 million slice appears to represent Jimmy's share of those earnings and holdings, locked in to provide long-term care and financial security for Jane.

It’s a Fiduciary Face-Off

The legal scuffle between Jane and the advisor isn’t just about dollars and pride; it’s a lesson for every high-net-worth family and estate planner. The accusation? Breach of fiduciary duty. Translation: Mozenter allegedly forgot the golden rule, put the beneficiary first, always. Jane's legal team claims that he ignored her, refused to share records, and took liberties with the fees. The financial advisor counters that Jimmy intentionally set him up to “safeguard” the money from Jane. To make matters worse, both parties have filed in different states, Mozenter in Florida, Jane initially in California before re-routing to Florida to stop what her lawyers call "resource-draining" litigation.

Her attorney, Matt Porpora, summed it up: "Jane will not play into the advisor’s hands by litigating this dispute in two separate courts across the country, which would drain the very trust money that Jimmy specifically set aside for her care."

The High Cost of High-Dollar Estates

This isn’t just a celebrity spat; it’s a cautionary tale about what can go wrong when trust governance goes sideways. From Prince to Tony Bennett, we’ve seen these battles before: multiple trustees, unclear wishes, and rising tensions. And in each case, the one thing that keeps getting drained? The estate itself.

The risks in administering a nine-figure trust include:

• Conflicts between co-trustees
• Lack of transparency in communication
• Disputes over fees and asset control
• Cross-jurisdictional court chaos

When the people managing the money can’t agree, the attorneys thrive, and the beneficiaries suffer. In Jane Buffett’s case, the emotional and financial toll is compounded by a battle she likely never thought she’d face, especially while still grieving a man she married back in 1977.

A Whole Lot of Legal Limbo

The Florida court now becomes the main stage for this showdown. Jane’s latest complaint, filed July 21, 2025, asks the judge to show Mozenter the door and replace him with a more neutral, less “hostile” professional. She’s betting that consolidating the litigation in her home state, where Jimmy also spent his final days, will give her the upper hand. The advisor, for his part, has stayed mum since the filings. But with each side lobbing heavy accusations, this trust battle might not be settled with a cocktail and a song.

When Trusts Lose the Trust

As Buffett himself sang, “If we couldn't laugh, we would all go insane.” But when $275 million is on the line, laughter is in short supply. This case could set a critical precedent for how large estates are governed and how financial advisors are held accountable in trust relationships. For tax professionals, estate planners, and fiduciaries, the lesson is loud and clear: transparency, documentation, and a cooperative structure are non-negotiable when managing wealth this massive. Or, to put it Buffett-style, don’t let your fiduciary duty slip into Margaritaville. Stay tuned as the courts figure out who holds the shaker of salt. Get the latest tax, accounting, and legal insights delivered weekly. Join the MYCPE ONE newsletter.