Jimmy Buffett gave the world songs about simple pleasures — beaches, boats, and wasting away in Margaritaville. After his death in September 2023, though, his family has been caught in anything but a carefree story.
The Fight Over Buffett’s $275 Million Trust
Buffett created a trust that held much of his fortune, including a big stake in Margaritaville Holdings. He appointed two co-trustees: his wife, Jane, and an independent trustee, longtime business manager Richard Mozenter.
That combination — family plus outside professional — is not unusual. The problem is what happens when the two can’t work together.
-
In California, Jane filed to remove Mozenter, accusing him of hiding information, charging excessive fees, and downplaying the trust’s income. She says the trust generated less than 1% in annual income, despite millions flowing in from Margaritaville.
-
In Florida, Mozenter filed to remove Jane, saying Buffett intended him to have ultimate control, and that Jane interfered with trust operations, threatened remainder beneficiaries, and blocked cooperation.
Both lawsuits cite breach of trustee duties. Both are expensive, painful, and public.
The Bigger Lesson
Buffett likely wanted two things: his wife cared for, and his children’s inheritance protected. Those are reasonable goals. But the fight over who should run the trust has now overshadowed what the trust was meant to do.
This is the danger when a trust structure sets up conflict. An independent trustee may provide professional oversight, but if the family and the professional don’t see eye-to-eye, disputes can spiral into litigation.
How to Avoid Wasting Away
If you’re creating an estate plan:
-
Choose trustees with care. Pick people (or institutions) who can actually work together.
-
Think through roles. Splitting power between family and a professional can be wise, but only if expectations are clear.
-
Put communication first. Require regular reports, set standards for fees, and give beneficiaries clear channels for questions.
Your trust is meant to care for loved ones, not to create court fights. The Buffett family’s case shows how even careful planning can break down if trustee relationships fail.
In estate planning, the wrong trustee can leave your family wasting away in more than just Margaritaville — they may be wasting away in litigation.
How We Do It Differently
When we design trusts, we spend time making sure trustees and co-trustees understand the intent of the plan from the start. Clear roles, duties, and expectations are built in. Most importantly, we include methods for resolving disagreements without running straight to court — whether through mediation, neutral tie-breakers, or other structured solutions. That way, the family’s focus stays on carrying out the plan, not on paying lawyers to fight over it.