The widow of Jimmy Buffett has filed a lawsuit against the music icon’s estate over his $275 million trust fund.
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According to Fox News, Jane Buffett is now seeking to remove Richard Mozenter as co-trustee of her late husband’s estate through her new lawsuit. Mozenter is also reportedly taking legal action against Jimmy Buffett’s widow.
Jane stated in her lawsuit that the estate’s co-trustee had “failed to perform even the most basic tasks required of him in his role.” This included providing Jane with information concerning trust assets and finances, leaving her “in the dark” regarding the state of her own finances.
Her lawsuit further alleged that Mozenter took nearly a year and a half to provide Jimmy Buffett’s widow with any information about the amount of income she could expect from the trust. He finally supplied the information this past February.
Jane then claimed that the co-trustee of the forecasting trust would produce less than $2 million in net income per year, based on an estimate. The estimate notably did not factor in distributions from Margaritaville.
The trust’s ownership stake in Margaritaville is approximately 20%.
Jimmy Buffett’s Widow Accuses the Co-Trustee of Being Either Incompetent or Not Acting in Her Best Interests
Meanwhile, Jane accused the co-trustee of either being incompetent or acting deliberately against her best interests.
“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 lawsuit stated.
Jane also accused Mozenter of having “belittled, disrespected, and condescended to her in dealings with the estate.
In his lawsuit, Mozenter accused Jane of repeatedly acting in a hostile manner toward him. He also stated she has been completely uncooperative with him in his attempts to administer the trust.