Jimmy Buffett's Widow Seeks Removal of Co-Trustee in ‘Untenable' Estate Battle
Jimmy Buffett's widow has filed a petition to have the co-trustee of her late husband's $275 million estate removed, alleging conduct that 'belittled, disrespected, and condescended' her.
Prior to the 'Margaritaville' singer's September 2023 death, Buffett chose accountant Rick Mozenter of the business management firm Gelfand, Rennert & Feldman LLP as Jane Buffett's co-trustee on his estate; Mozenter, in turn, brought in lawyer Jeffrey Smith to represent the trustees.
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In Jane Buffett's petition, filed in a Los Angeles superior court and obtained by Rolling Stone, it alleges, 'Mr. Mozenter and Mr. Smith have been openly hostile and adversarial toward Mrs. Buffett as they have worked in tandem against the best interests of Mrs. Buffett personally and as beneficiary of the Marital Trust. When confronted with the facts alleged in this petition, Mr. Mozenter has refused to resign as independent co-trustee, thus necessitating this action.'
The petition adds that Mozenter 'failed to perform even the most basic tasks required of him in his role as co-trustee, including providing Mrs. Buffett with information concerning Trust assets and finances, which has left Mrs. Buffett in the dark with regard to the state of her own finances.'
Jane Buffett also accused Mozenter of 'more than a year of stonewalling her requests for basic financial information,' as well as billing 'the Trust approximately $1.75 million in fees for accounting, tax, business management, and trustee services.'
'Over the 20 months since the death of Mr. Buffett, the administration of the Marital Trust… has been plainly deficient,' the petition claims. 'Mr. Mozenter and Mr. Smith have been openly hostile and adversarial toward Mrs. Buffett as they have worked in tandem against the best interests of Mrs. Buffett personally and as beneficiary of the Marital Trust. When confronted with the facts alleged in this petition, Mr. Mozenter has refused to resign as independent co-trustee, thus necessitating this action.'
The situation further boiled over last month when Jane Buffett asked Mozenter and Smith to resign from their roles within the estate. In response, Buffett's petition claims, Mozenter instead made moves to remove her as co-trustee in an effort to 'wrest full control of it from her.'
'The situation is untenable and Mrs. Buffett requests this Court's assistance to resolve it,' the petition asked the court.
Mozenter did not immediately respond to Rolling Stone's request for comment.
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