I will never forget the joy I felt in mastering the clever lyrics to Jimmy Buffett’s “Cheeseburger in Paradise:” “I like mine with lettuce and tomato, Heinz 57, and french-fried potatoes…big kosher pickle…” Don’t forget that onion slice, add some mayonnaise and that’s the recipe for one tasty burger. Unfortunately, when creating his Estate Plan, Jimmy Buffett named his wife and financial manager as co-Trustees, producing a recipe for disaster rather than his usual “frozen concoction.” Let’s discover what happened.
James (“Jimmy”) William Buffett was known for his unique musical stylings described as “Gulf and Western” that combines elements of country, folk, rock, pop, and Caribbean, focusing on tropical themes. He released over thirty albums, selling over 20 million certified records worldwide, landing him among the world’s best-selling music artists. He made us all dream of “island escapism” and leveraged that fantasy to create several successful business ventures, including the popular “Jimmy Buffett’s Margaritaville” restaurants, hotels, retirement communities, and cruise line. While a detailed review of his adventures exceeds the scope of this blog, “Come Monday,” those interested might want to explore his biography for a taste of “Life on the Flip Side.” Suffice it to say that Buffett took vacationing to the next level and truly embodied that island escapism about which he sang.
Jimmy Buffett died on September 1, 2023, at age 76 having waged a private battle with a rare and aggressive form of skin cancer in his later years. Estimates suggest Buffett’s net worth at death was $275 million. According to sources, Buffett originally created his Will over thirty (30) years ago. He changed it in 2017 and last updated it in 2023. His Estate Plan placed the bulk of his assets in a marital trust for the sole benefit of his second wife, Jane Slagsvol (“Jane”), whom he married in 1977. Although they separated for a time in the early 80’s, they reconciled about a decade later and remained married until his death in 2023. Jane and Jimmy had two daughters, Savannah Buffett and Sarah Delaney, along with an adopted son, Cameron Marley. Neither had any other children.
Jimmy appointed his longtime accountant who served as his business manager and financial advisor, Richard Mozenter (“Mozenter”), as co-Trustee of the marital trust along with his surviving spouse, Jane. In long-term marriages in which all children belong to both spouses, the marital trust often names the surviving spouse as Trustee. In some situations, the grantor may add a co-Trustee to support the surviving spouse for any number of reasons. Sometimes, like in this instance, that causes friction. Sources don’t make clear what went into the decision or whether Jimmy shared the decision with Jane prior to his death. Unfortunately, as in this case, appointing two individuals to serve without considering what happens should the co-Trustees disagree leads to problems. The best way to avoid disputes is to appoint a third party to serve with the other two or insert provisions regarding what should happen should the co-Trustees disagree. Of course, Buffett could have taken a different approach and appointed a professional fiduciary as Trustee instead. None of that happened here and now instead of the “Son of a Son of a Sailor” drifting off to the “Far Side of the World,” we will watch as his wife and financial manager fight to “Take Another Road.”
Each of Jane and Mozenter has sued the other. Jane filed a petition in a Los Angeles, California court alleging that Mozenter refused to provide basic information regarding the trust and its assets and directed her to review Jimmy’s estate tax return for the data she requested. She also accused him of mismanaging assets, collecting excessive fees, and advising her to sell her separate property to maintain her standard of living. Jane alleged that Mozenter collected $1.7 million in fees yet has indicated the marital trust will only produce $2 million in income. While we don’t have the full financial picture, a return of that amount seems low for the bulk of Buffett’s $275 million estate. Mozenter has filed a competing petition in a Palm Beach County, Florida, court which alleges that Jane has been uncooperative, interfered with business decisions, and breached her fiduciary duties by acting in her own best interests.
It will be interesting to watch this matter unfold. Jane was married to Jimmy for 47 years and likely enjoyed unfettered access to their assets while he was alive. Having that change after Jimmy’s death undoubtedly caused some resentment. Add to that Mozenter’s directive to sell her own assets and it’s easy to see why she initiated the lawsuit. Mozenter’s motives in initiating the lawsuit may border on parental, feeling that he needs to protect Jane from herself. Here, it will be up to the courts to determine which will hear the case because it’s possible that the courts could issue conflicting orders if both proceed. We can learn two important lessons here. First, Grantors need to share the contents of an Estate Plan with those who will be responsible for executing it and those who benefit from it. Clear communication with fiduciaries and beneficiaries, while the Grantor lives, helps manage expectations after death. Second, consider the personalities of the desired fiduciaries and beneficiaries as part of the planning process and make adjustments if personalities might clash. No one designs an Estate Plan hoping that the fiduciaries and beneficiaries will end up in litigation. Only the lawyers benefit when that happens.
While we wait for the end of this “song,” let’s remember that “It’s Five O’clock Somewhere” – and raise that frozen concoction along with its lost shaker of salt in Buffett’s honor. Here’s hoping that some “Changes in Latitudes” will result in “Changes in Attitudes” and allow this litigation to settle quickly. After all, Jimmy would have wanted his co-Trustees to “Take It Back” and join him on a “Lovely Cruise.”
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