From The Palm Beach Post: Latest salvo: Co-trustee says moving Jimmy Buffett’s assets to new trust will protect money
A co-trustee for the $275 million estate of the late Margaritaville icon Jimmy Buffett argued in a new court filing that moving assets was not only legally allowed — it’s also necessary to protect that money.
Attorneys for Richard “Rick” Mozenter on Aug. 11 filed a response in Palm Beach County Court to a motion for urgent relief filed July 28 by Jimmy Buffett’s widow, Jane, who asked Judge Charles Burton to stop Mozenter from setting up a new trust into which he plans to move the assets of the marital trust established before the singer’s death on Sept. 1, 2023, at age 76.
While Jane Buffett’s attorneys called Mozenter’s move to establish the new trust “an unconscionable power-grab,” Mozenter’s attorneys argued that it was a legal move and that Jane Buffett’s motion lodged “baseless accusations” against Mozenter, who was Jimmy Buffett’s longtime financial adviser.
“Jane’s allegations regarding Rick’s administration of the Trust and Marital Trust are unfounded and lodged by Jane in an attempt to gain control over the Marital Trust that her husband did not want her to have,” Mozenter’s attorney said in the response.
The July 28 motion also asked Burton to appoint a special fiduciary who would act independently to administer the trust until the current lawsuit concludes.
A hearing on the motion is set for Aug. 18.
At the heart of the issue is control of Jimmy Buffett’s massive financial estate, which includes the Margaritaville brand that he built on the back of his mega-hit song by the same name. The Margaritaville empire grew from that one song to include resorts, housing developments, clothing, restaurants and a cruise line that sails out of the Port of Palm Beach.
Read the full article at The Palm Beach Post