Latest news with #JaneSlagsvol
Yahoo
23-07-2025
- Business
- Yahoo
$275M Inheritance Fight: What Every Millionaire Can Learn From Jimmy Buffett's Mistake
Renowned singer-songwriter Jimmy Buffett died in September 2023, leaving behind a $275 million estate. The bulk of Buffett's assets went into a marital trust with his widow, Jane Slagsvol, as the main beneficiary. Slagsvol is a co-trustee, along with Buffett's long-time business manager, Richard Mozenter. Unfortunately, there's been a massive legal dispute between Mozenter and Slagsvol over that trust. Specifically, Slagsvol is petitioning to remove Mozenter as co-trustee for three primary reasons. The first is that he's failed to generate enough income with the trust's investments. The second is that he hasn't kept her abreast of the trust's various investments, expenses and income. And the third is that, according to her, Mozenter has been 'openly hostile' and appears to be working against her best interests. Check Out: Warren Buffett Offers One Piece of Estate Planning Advice to the Middle Class Read Next: Warren Buffett: 10 Things Poor People Waste Money On According to Slagsvol, the trust is estimated to receive less than a 1% return rate — not enough to cover her annual expenses. Along with this, Mozenter received $1.7 million in trustee fees in 2024. In response to all this, Mozenter also seeks to remove Slagsvol as co-trustee. If you're a millionaire, you could learn a few things from the way Jimmy Buffett handled his estate so you don't make the same mistake. Choose Your Trustees Carefully When you have a massive estate, it's crucial that you choose your trustee — or trustees — carefully. It's not always enough to pick someone you've known for a long time or who you're married to. 'Choose your trustee like you'd choose a CEO; someone trustworthy, financially literate and emotionally neutral. If you don't have that person within the family, appoint a professional or corporate trustee,' said Craig Parker, assistant general counsel at Trust & Will and a California state bar-certified specialist in estate planning, trust and probate Law. With larger, complex estates, having co-trustees can be a good strategy. But you'll want to make sure they trust one another and work well together. If all else fails, you could name a trust protector who will step in if either trustee can no longer perform their role. Learn More: The Estate Planning Secret the IRS Doesn't Want You To Know, According To John Liang Be Extremely Clear With Your Estate Plan The importance of being clear with how you want your assets managed and doled out can't be understated. While Buffett might have believed choosing his wife and business manager as co-trustees was enough, anything that's left unclear can lead to major legal battles down the road. 'Clear, detailed estate planning is essential. That means establishing a comprehensive trust, updating it regularly and communicating intentions openly with beneficiaries,' said Parker. 'Clarity reduces conflict; vagueness invites it.' A couple of ways to prevent conflict is to include a 'no-contest' clause or mediation provisions in your estate. That way, there's no question of what happens with your assets. And if anyone does argue the point, they risk ending up with nothing at all. Choose an Impartial Third Party When you're setting up your trust, it might behoove you to choose someone who's impartial. This means picking somebody who isn't incentivized to use their role as co-trustee to benefit themselves or their business. 'It would be wise to use trust administrators who don't have a financial interest in the trust assets as well as those who aren't emotionally involved in the relationships so they can be more professional,' said Travis Christiansen, attorney at Boyack Christiansen Legal Solutions. This could also mean choosing a professional fiduciary or a trust company instead of a personal relation. Even though it can be pricey, going this route can help ensure everything goes as planned. Professional fiduciary fees generally range from 1% to 1.5% of your trust assets each year. Some will charge on an hourly, monthly or yearly basis instead. Put Together a Team Part of the issue is that Buffett had two co-trustees when, in fact, it might have been better to have a full team to administer his estate. 'If you have a massive estate, you need to build a team of professionals to create an estate, tax and financial plan that ensures your wishes are followed. Lack of planning can cost you 40%-plus of your estate in taxes,' said Jay Zigmont, PhD, CFP®, founder and visionary of Childfree Trust. Among other professionals, consider having a reputable attorney, trustee and financial advisor involved in your estate planning. More From GOBankingRates 6 Costco Products That Have the Most Customer Complaints Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard How Far $750K Plus Social Security Goes in Retirement in Every US Region 10 Used Cars That Will Last Longer Than an Average New Vehicle This article originally appeared on $275M Inheritance Fight: What Every Millionaire Can Learn From Jimmy Buffett's Mistake Sign in to access your portfolio
Yahoo
22-07-2025
- Business
- Yahoo
$275M Inheritance Fight: What Every Millionaire Can Learn From Jimmy Buffett's Mistake
Renowned singer-songwriter Jimmy Buffett died in September 2023, leaving behind a $275 million estate. The bulk of Buffett's assets went into a marital trust with his widow, Jane Slagsvol, as the main beneficiary. Slagsvol is a co-trustee, along with Buffett's long-time business manager, Richard Mozenter. Unfortunately, there's been a massive legal dispute between Mozenter and Slagsvol over that trust. Specifically, Slagsvol is petitioning to remove Mozenter as co-trustee for three primary reasons. The first is that he's failed to generate enough income with the trust's investments. The second is that he hasn't kept her abreast of the trust's various investments, expenses and income. And the third is that, according to her, Mozenter has been 'openly hostile' and appears to be working against her best interests. Check Out: Warren Buffett Offers One Piece of Estate Planning Advice to the Middle Class Read Next: 25 Places To Buy a Home If You Want It To Gain Value According to Slagsvol, the trust is estimated to receive less than a 1% return rate — not enough to cover her annual expenses. Along with this, Mozenter received $1.7 million in trustee fees in 2024. In response to all this, Mozenter also seeks to remove Slagsvol as co-trustee. If you're a millionaire, you could learn a few things from the way Jimmy Buffett handled his estate so you don't make the same mistake. Choose Your Trustees Carefully When you have a massive estate, it's crucial that you choose your trustee — or trustees — carefully. It's not always enough to pick someone you've known for a long time or who you're married to. 'Choose your trustee like you'd choose a CEO; someone trustworthy, financially literate and emotionally neutral. If you don't have that person within the family, appoint a professional or corporate trustee,' said Craig Parker, assistant general counsel at Trust & Will and a California state bar-certified specialist in estate planning, trust and probate Law. With larger, complex estates, having co-trustees can be a good strategy. But you'll want to make sure they trust one another and work well together. If all else fails, you could name a trust protector who will step in if either trustee can no longer perform their role. Learn More: The Estate Planning Secret the IRS Doesn't Want You To Know, According To John Liang Be Extremely Clear With Your Estate Plan The importance of being clear with how you want your assets managed and doled out can't be understated. While Buffett might have believed choosing his wife and business manager as co-trustees was enough, anything that's left unclear can lead to major legal battles down the road.
Yahoo
22-07-2025
- Business
- Yahoo
$275M Inheritance Fight: What Every Millionaire Can Learn From Jimmy Buffett's Mistake
Renowned singer-songwriter Jimmy Buffett died in September 2023, leaving behind a $275 million estate. The bulk of Buffett's assets went into a marital trust with his widow, Jane Slagsvol, as the main beneficiary. Slagsvol is a co-trustee, along with Buffett's long-time business manager, Richard Mozenter. Unfortunately, there's been a massive legal dispute between Mozenter and Slagsvol over that trust. Specifically, Slagsvol is petitioning to remove Mozenter as co-trustee for three primary reasons. The first is that he's failed to generate enough income with the trust's investments. The second is that he hasn't kept her abreast of the trust's various investments, expenses and income. And the third is that, according to her, Mozenter has been 'openly hostile' and appears to be working against her best interests. Check Out: Read Next: According to Slagsvol, the trust is estimated to receive less than a 1% return rate — not enough to cover her annual expenses. Along with this, Mozenter received $1.7 million in trustee fees in 2024. In response to all this, Mozenter also seeks to remove Slagsvol as co-trustee. If you're a millionaire, you could learn a few things from the way Jimmy Buffett handled his estate so you don't make the same mistake. Choose Your Trustees Carefully When you have a massive estate, it's crucial that you choose your trustee — or trustees — carefully. It's not always enough to pick someone you've known for a long time or who you're married to. 'Choose your trustee like you'd choose a CEO; someone trustworthy, financially literate and emotionally neutral. If you don't have that person within the family, appoint a professional or corporate trustee,' said Craig Parker, assistant general counsel at Trust & Will and a California state bar-certified specialist in estate planning, trust and probate Law. With larger, complex estates, having co-trustees can be a good strategy. But you'll want to make sure they trust one another and work well together. If all else fails, you could name a trust protector who will step in if either trustee can no longer perform their role. Learn More: Be Extremely Clear With Your Estate Plan The importance of being clear with how you want your assets managed and doled out can't be understated. While Buffett might have believed choosing his wife and business manager as co-trustees was enough, anything that's left unclear can lead to major legal battles down the road. 'Clear, detailed estate planning is essential. That means establishing a comprehensive trust, updating it regularly and communicating intentions openly with beneficiaries,' said Parker. 'Clarity reduces conflict; vagueness invites it.' A couple of ways to prevent conflict is to include a 'no-contest' clause or mediation provisions in your estate. That way, there's no question of what happens with your assets. And if anyone does argue the point, they risk ending up with nothing at all. Choose an Impartial Third Party When you're setting up your trust, it might behoove you to choose someone who's impartial. This means picking somebody who isn't incentivized to use their role as co-trustee to benefit themselves or their business. 'It would be wise to use trust administrators who don't have a financial interest in the trust assets as well as those who aren't emotionally involved in the relationships so they can be more professional,' said Travis Christiansen, attorney at Boyack Christiansen Legal Solutions. This could also mean choosing a professional fiduciary or a trust company instead of a personal relation. Even though it can be pricey, going this route can help ensure everything goes as planned. Professional fiduciary fees generally range from 1% to 1.5% of your trust assets each year. Some will charge on an hourly, monthly or yearly basis instead. Put Together a Team Part of the issue is that Buffett had two co-trustees when, in fact, it might have been better to have a full team to administer his estate. 'If you have a massive estate, you need to build a team of professionals to create an estate, tax and financial plan that ensures your wishes are followed. Lack of planning can cost you 40%-plus of your estate in taxes,' said Jay Zigmont, PhD, CFP®, founder and visionary of Childfree Trust. Among other professionals, consider having a reputable attorney, trustee and financial advisor involved in your estate planning. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Unreliable SUVs To Stay Away From Buying 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on $275M Inheritance Fight: What Every Millionaire Can Learn From Jimmy Buffett's Mistake Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
03-07-2025
- Entertainment
- Yahoo
What to Know About the Legal Battle Surrounding Jimmy Buffett's $275M Estate 2 Years After His Death
Nearly two years after Jimmy Buffett's death, his widow, Jane Slagsvol, filed a lawsuit against the co-trustee of the singer's estate. Slagsvol named Richard Mozenter, who helps manage Buffett's estate, in a June 2025 lawsuit, claiming that he's yet to disclose key financial matters. According to court documents obtained by Us Weekly that same month, Slagsvol is seeking to remove Mozenter as a trustee because he allegedly hasn't acted 'responsibly and performed his duties.' 'Mr. Mozenter has 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,' Slagsvol's filing reads. 'Along the way, Mr. Mozenter has belittled, disrespected, and condescended to Mrs. Buffett in response to her reasonable requests for information she undoubtedly was entitled to receive.' Mozenter, an accountant, has not addressed the accusations. Us has reached out for comment. Toby Keith, Hoda Kotb and More Celebrities React to Jimmy Buffett's Death: 'Tremendous Influence' Keep scrolling for more on Buffett's death and resulting estate battle: The 'Margaritaville' singer died in September 2023 at the age of 76. 'Jimmy passed away peacefully on the night of September 1st, surrounded by his family, friends, music and dogs,' a statement at the time read. 'He lived his life like a song till the very last breath and will be missed beyond measure by so many.' Buffett is survived by Slagsvol, whom he married in 1977, and their three children: Savannah, Sarah and Cameron. According to a September 2023 obituary shared on Buffett's website, he had privately battled Merkel cell skin cancer for four years. The American Cancer Society defines Merkel cell carcinoma (MCC) as a rare type of skin cancer that develops when cells grow 'out of control' and can spread quickly to other parts of the body. 'He continued to perform during treatment, playing his last show, a surprise appearance in Rhode Island, in early July,' the obituary noted. Buffett created a trust in December 1990 for Slagsvol's benefit, according to her filing. The terms were amended in 2017 and 2023, respectively, to account for Savannah, Sarah and Cameron. The trust now gives each of Buffett's children a one-third share of the estate's tax exemption, which is worth around $2 million. The trust had stipulated that the bulk of Buffett's assets would pass to Slagsvol's marital trust that she co-administers with an independent party. In her legal motion, Slagsvol claimed that Mozenter had not helped her understand Buffett's financial standing. 'Rather than help his recently widowed client understand her finances, Mr. Mozenter spent the next 16 months stonewalling and making excuses for why he could not yet provide the requested information,' her filing states. According to Slagsvol, Mozenter only provided an estimate in February 2025, claiming the marital trust only netted a $2 million income. 'If the Marital Trust truly earns such a low return consistent with the financials Mr. Mozenter presented, it will confirm that Mr. Mozenter is either not competent to administer the Trust or unwilling to act in Mrs. Buffett's best interests,' the docs read. 'Even if Mr. Mozenter believes he has been unfairly criticized for his failure to discharge his duties as co-trustee (he has not), he concedes that he cannot 'have one productive conversation with [Mrs. Buffett] about any topics.' But Mr. Mozenter nonetheless insists he remain in a position of authority over Mrs. Buffett's wealth. That makes no sense.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
