Jimmy Buffett was beloved for writing upbeat music about the lighter side of life, but behind the laid-back public persona was a shrewd businessman who used his fame to develop restaurants, casinos, beer brands, real estate holdings and even a radio station. The "Margaritaville" singer amassed a $275 million fortune before his death in September 2023.
Media reports at the time suggested that Buffett had written a will more than 30 years prior that was updated on multiple occasions. The final version directed most of his assets be placed in a marital trust for the sole benefit of his wife, with his three children being named as the remainder beneficiaries upon her death.
Alongside his wife, Jane, Buffett also appointed Richard Mozenter, his longtime accountant and business manager, as a co-trustee. It may have been a reasonable decision at the time, says Kevin Ghassomian, a partner at Venable LLP, but the recent filing of counter-lawsuits in Florida and California show just how thorny estate planning can be in practice.
In the filings, Jane Buffett alleges that Mozenter has been “openly hostile and adversarial” toward her and has refused to give her details on the trust and its financials. She also alleges that Mozenter is collecting “excessive fees” and mismanaging trust assets. Mozenter’s suit disputes those allegations, instead arguing that Jane Buffett has interfered in business decisions and refused to collaborate in trust management out of self-interest.
In his own practice, Ghassomian represents business owners, corporate executives and high-net-worth individuals and their families in tax minimization, asset protection, business succession and philanthropy matters
“When it comes to estate planning, especially for families with significant wealth, the stakes couldn’t be higher,” Ghassomian recently told ThinkAdvisor. “It’s not just about avoiding taxes or keeping things private. It’s about keeping the peace.”
See the accompanying slideshow for seven reasons why estate plans can go awry.
Pictured: Jimmy and Jane Buffett
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