Monthly Archives: June 2025

I will never forget the first time I heard 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.”

Summer brings longer days, hotter temperatures, thoughts of vacation, and graduation parties. For those hosting graduation parties, or for those in whose honor those parties are held, it’s an opportune time to consider Estate Planning. Many high school graduates head off to college in the autumn and these newly minted adults need to have some of the most basic Estate Planning documents in place before their departure. Although some clients put off Estate Planning for themselves, sometimes it’s easier to convince them to consider it for their adult children. It’s unlikely that those adult children would think of it on their own. Instead, those adult children might be considering the courses that they will take, how their dating life will evolve, or who will share a room with them. Given that parents feel responsible for their children well into adulthood, those parents can facilitate Estate Planning for their children.

A basic Estate Plan mandates what happens both during your life and at death and consists of a Living Trust, also known as a Revocable Trust (a “Trust”), a Will, a Property Power of Attorney (“POA”), a Healthcare Power of Attorney, a Living Will, and a Health Insurance Portability and Accountability Act (“HIPAA”) Authorization. Most young adults haven’t had the opportunity to accumulate wealth; thus, they may be unwilling to consider creating a Trust or Will (although both make sense for other reasons). For example, in most states if an adult child dies owning assets, then those assets pass to the child’s parents.  If that’s the desired outcome, then a Will doesn’t change anything; however, if the child wants assets to go elsewhere, then the Will addresses that. While many young adults hesitate to create a Will or Trust, it should be easier to convince them to create a POA along with a Health Care Power of Attorney, Living Will, and a HIPAA Authorization. In fact, many firms advertise this type of package for clients who are sending their children off to college. Note that these types of plans make sense for any young adult, not just those heading off to college.

Usually, the adult child names their parents as the agents in the POA, although they can name any other qualified individual. If the child expresses concern about naming their parents because they are reluctant to give the parent that much power, the child can request that the POA prohibit access to grades or anything else the child desires. If the child wants to limit the power given to the agent, the attorney could draft a springing POA. A springing POA gives the expressed powers to the agent only upon incapacity of the principal, effectively “springing” into action then. A durable POA on the other hand is effective immediately and gives the agent considerable flexibility. It allows the principal to act anytime to undertake actions for the child’s convenience. For example, the child might have left a car at home. A parent acting under the durable POA could sell the car. Note that in most states the agent acting under a POA needs to act in the principal’s best interest.

In addition to the POA, the child should execute a Healthcare Power of Attorney. This is especially important as accidents and injuries are more prevalent in the college-aged group. The Healthcare Power of Attorney will let healthcare providers know who to contact should the child suffer an injury and be unable to provide consent for necessary or recommended procedures. Further, once that child turns eighteen, the doctor will not speak with the parent any longer and the parent will no longer have access to immunization records or other health forms. The child will need to do this when they have not previously had this responsibility. By signing the Healthcare Power of Attorney, the child gives a parent, or another named individual, permission to access these records. The HIPAA authorization grants healthcare providers the ability to share healthcare information with others. Finally, the Living Will authorizes termination of life support when there’s no reasonable chance of recovery for the individual. While difficult to consider, especially for young adults whose life is just beginning, it’s necessary.

Remember that attaining the age of eighteen carries legal significance. There’s no better way to acknowledge that than by encouraging the newly minted adult to sign legal documents that lay out instructions regarding management of their health and finances.  Reach out to me regarding creating this plan for your adult child.