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[quote=Anonymous]More details:

https://www.nytimes.com/2025/06/05/arts/music/jimmy-buffett-jane-estate-lawsuit.html

"... Matthew Porpora, Mrs. Buffett’s attorney from Sullivan and Cromwell, said in a statement that it was Mr. Buffett’s desire for his wife to be the sole beneficiary of his trust. Mr. Porpora said it was alarming that Mr. Mozenter had taken funds intended for Mrs. Buffett to cover his legal fees “in a brazen and baseless attempt to have her removed from the very trust that was established to protect her,” he said. “Mr. Mozenter is replaceable — Jane is not.”

A hearing on Mrs. Buffett’s petition is scheduled for August...

[i]In 1990, he set up a trust and an estate plan that was amended in April 2017 and again in July 2023, just months before he died at 76 from Merkel cell carcinoma, a rare and aggressive form of skin cancer that he had lived with for four years. His will appointed his wife as executor of his estate.

After his death, all the assets in the first trust were transferred out, the complaint said. Some money went into trusts for the couple’s three children, with each receiving $2 million.

The rest of the assets were transferred to a marital trust with Mrs. Buffett as the sole beneficiary, according to her petition. In addition to several houses, those assets included her husband’s 20 percent interest in Margaritaville Holdings LLC — a large hospitality company that includes vacation clubs, dozens of restaurants, casinos, cruise ships and more than 20 hotels, including one in Times Square.[/i]

One month after Mr. Buffett died, Mrs. Buffett met with Mr. Mozenter to request an analysis of the projected income she could expect to receive from the marital trust, according to the complaint. It did not go well, she claimed.

Rather than help his recently widowed client understand her finances, Mr. Mozenter spent the next 16 months stonewalling and making excuses for why he could not yet provide the requested information,” the complaint said.

In February, their relationship worsened when Mr. Mozenter finally did provide an income estimate that would not cover Mrs. Buffett’s expenses. The marital trust’s $275 million in assets would generate less than $2 million in net income for her annually, he informed her, a figure her lawyers called “a remarkably poor return” given the trust’s investments in Margaritaville.

[i]With a projected shortfall, Mr. Mozenter advised that Mrs. Buffett “consider adjustments” to her expenses or sell her real estate to cover the difference[/i]..."

What is the point of creating a trust, if an unrelated 3rd party can remove the family from the trust and drain significant amounts of the money?

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