From Spring Break to Forever: The Unfolding Legal Battle Between Jane Buffett and Co-Trustee Mozentar

The late singer Jimmy Buffett’s Trust, established in 1990 for his wife Jane and amended in 2017 and 2023, was designed to ensure his three children each receive a portion of the federal estate tax exemption—about $2 million each. Most of Buffett’s considerable assets, however, were placed into the Marital Trust, which Jane and co-trustee Mozentar manage together.

Jane and Mozentar first met about a month after Buffett’s passing, but their initial encounter was far from productive. Jane was left with more questions than answers. Over the next 16 months, she alleges Mozentar repeatedly stonewalled her and offered excuses for failing to provide requested financial information.

It wasn’t until February 2025 that Mozentar finally provided an estimate of the Trust’s income, prompting Jane to file a lawsuit. According to the suit, the Marital Trust earned less than $2 million—an astoundingly poor return given the Trust’s estimated $275 million in assets.

Mozentar’s estimate notably excluded earnings from Margaritaville, a significant omission considering the Trust owns a 20% stake in the company.

The lawsuit also claims Mozentar urged Jane to sell real estate assets to cover her annual expenses, after telling her the Trust would not cover those costs.

“If the Marital Trust truly earns such a low return consistent with the financials Mr. Mozentar presented, it will confirm that Mr. Mozentar is either not competent to administer the Trust or unwilling to act in Mrs. Buffett’s best interests,” the suit states.

Jane describes Mozentar as “unprofessional and combative,” further alleging that after she requested he step down as co-trustee on May 30th, he refused and insisted on retaining authority over her wealth.

The suit accuses Mozentar of controlling her fortune “without her trust” while collecting an annual salary exceeding $1.7 million. Mozentar has not yet responded to requests for comment on these allegations.