The Battle Over Buffett’s Estate: A $275 Million Lesson in Trusts
Jimmy Buffett’s $275 million estate is making waves. Not for its size, but for the drama. His widow, Jane Buffett, and co-trustee Richard Mozenter are locked in a bitter legal battle. The issue? Control, fees, and trust management. It’s messy. And it’s a cautionary tale for anyone planning their legacy.
What Went Wrong?
On paper, Buffett’s estate plan seemed rock solid. Most of his assets were placed in a marital trust for Jane’s benefit during her lifetime. Their three children—Savannah, Delaney, and Cameron—were named as remainder beneficiaries, meaning they would inherit what’s left after Jane’s passing.
But there was a twist. Buffett appointed Mozenter, his longtime accountant and business manager, as co-trustee alongside Jane. This decision, meant to ensure professional oversight, has instead led to chaos.
Jane alleges that Mozenter has been openly hostile, withholding financial details, and charging exorbitant fees—$1.7 million annually, to be exact. She also accuses him of mismanaging the trust, projecting an annual income of just $2 million, which she claims is far below what the assets should generate. Mozenter, however, paints a different picture. He accuses Jane of being uncooperative, interfering with trust management, and breaching her fiduciary duties by acting in her own interest.
The result? Lawsuits. One filed by Jane in California, seeking to remove Mozenter as co-trustee. Another filed by Mozenter in Florida, accusing Jane of obstructing his efforts to manage the trust.
What’s in the Buffett Estate?
Buffett’s estate is as impressive as his career. It includes $34.5 million in real property, $15 million in equity tied to planes, $2 million in musical equipment, $5 million in vehicles, and $12 million in other investments. But the crown jewel? His $85 million stake in Margaritaville—a sprawling empire of restaurants, bars, hotels, casinos, and merchandise that embodies the laid-back Buffett lifestyle.
Despite the estate’s value, the trust’s income has been a point of contention. Jane claims Mozenter has failed to provide clear financial projections, even as Margaritaville reportedly paid $14 million in distributions over 18 months. Mozenter, for his part, argues that many of the estate’s assets—like real estate and planes—don’t generate income and are costly to maintain.
Lessons for Families
This isn’t just celebrity drama. It’s a wake-up call for anyone with an estate to plan. Estate attorneys say Buffett’s case highlights two critical lessons:
1. Communicate Your Plans
Buffett’s intentions were clear on paper. But did he explain them to Jane and Mozenter? Probably not. A simple conversation about the co-trustee roles and expectations could have minimized tensions.
2. Choose Trustees Wisely
Friends or business associates might seem like good choices for trustees. But they often aren’t. Professional trustees, like banks or trust companies, are less likely to clash with beneficiaries. They bring impartiality and expertise, which can prevent disputes like this one.
Trusts in America: Who Has One?
Trusts aren’t just for the ultra-wealthy. But they’re not common either. According to a 2025 report by Trust & Will, only 11% of Americans have a trust. Compare that to the 31% who have a will. And a staggering 55% have no estate plan at all. None. Nada.
Why? Procrastination. Misconceptions. Many think they don’t have enough assets to justify a trust. But that’s not true. Trusts aren’t just about wealth. They’re about control. Privacy. And avoiding probate.
Generational Divide
Estate planning isn’t evenly distributed across age groups. Older generations are far more prepared. The Silent Generation leads the pack, with 66% having a will. Baby Boomers follow at 44%, while Millennials lag behind at just 22%. Gen Z? A mere 15%.
Why the gap? Younger adults often think they have time. Or they believe estate planning is only for the rich. Spoiler: It’s not. Estate planning is about protecting your loved ones, no matter your net worth.
The Takeaway
Buffett’s case is a reminder. Estate planning isn’t just about documents. It’s about people. Relationships. And communication. Whether you’re worth $275 million or $275,000, the principles are the same. Plan ahead. Talk to your loved ones. And choose your trustees carefully.
Because no one wants their legacy to be a courtroom drama. Right?