What the Jimmy Buffett Estate Battle Teaches About Trust Planning in Nebraska

Celebrity estate disputes grab headlines, but they also highlight important lessons for everyday families. One of the most talked-about right now involves Jimmy Buffett’s $275 million estate—and even though you may not have a tropical hospitality empire, the issues at the heart of this case could absolutely apply to your own estate plan.

At the center of the conflict is a marital trust established by Buffett in 1990 and updated as recently as 2023. Upon his death, the majority of his assets—including multiple homes and a 20% stake in Margaritaville Holdings LLC—transferred into that trust to benefit his wife, Jane Buffett.

Now, a high-profile legal battle has erupted between the co-trustees: Jane Buffett and Jimmy’s longtime accountant, Richard Mozenter. Each has filed to remove the other, citing lack of trust, financial transparency issues, and questions about trustee compensation.

Here in Nebraska, the headlines may feel far away—but the takeaways from this case are very real.

Trustee Selection Is More Than Just a Name on a Page

One of the biggest mistakes I see in estate planning is choosing a trustee based solely on familiarity—without fully understanding the weight of the role. A trustee is legally and ethically responsible for managing assets, communicating with beneficiaries, filing tax documents, and protecting the estate.

When co-trustees don’t get along—or don’t trust each other—the result can be confusion, legal delays, and costly litigation. The Buffett estate dispute is a perfect example.

Before naming a trustee, ask yourself:

• Do these people have a good working relationship?

• Can they communicate effectively and fairly?

• Do they have the time and judgment to manage this role?

• What happens if one of them steps down or conflicts arise?

In some cases, a neutral third-party trustee—such as a professional fiduciary or trust company—may be the best option to preserve peace and ensure fairness.

Transparency and Fiduciary Duty Are Non-Negotiable

Jane Buffett alleges that her co-trustee, Mozenter, has failed to provide clear income information and financial projections. She claims the trust generates less than $2 million per year in net income, yet Mozenter and his firm are collecting over $1.7 million in fees—and that some projected distributions from Margaritaville Holdings were left out entirely.

While we don’t know how this will play out in court, here’s what’s important for families in Nebraska: trustees have a fiduciary duty to act in the best interests of beneficiaries. That includes:

• Keeping accurate records

• Sharing relevant information upon request

• Managing assets prudently

• Avoiding self-dealing or unreasonable compensation

If beneficiaries aren’t receiving clear updates, or if compensation is excessive or unexplained, it’s a red flag.

Trustee Compensation Should Be Clear, Reasonable, and Documented

Every trust should contain a clause addressing how trustees will be compensated—and how that compensation will be evaluated. Even for smaller estates, this matters. Disputes over unclear or excessive fees are common sources of friction, especially when money feels tight or when professional trustees are involved.

Here in Nebraska, courts look at whether fees are reasonable, in line with the duties performed, and consistent with the trust’s terms. It’s not just about what’s customary—it’s about what’s fair and transparent.

Lessons for Nebraska Families

You don’t need to have a celebrity-sized estate to benefit from these lessons. I work with families in Lincoln, Omaha, and across the state who want to avoid exactly this kind of conflict. Whether you’re just setting up a trust or reviewing an older plan, here are the key questions to consider:

• Have we named the right trustee(s) for our circumstances?

• Is there a clear plan if trustees disagree, become incapacitated, or step down?

• Are the beneficiaries protected and informed?

• Is the trustee compensation clearly spelled out and reviewed regularly?

• Are there mechanisms for oversight or removal if something goes wrong?

If the answer to any of those is “I’m not sure,” it’s worth taking another look.

Final Thoughts

Trusts are powerful tools for protecting your assets and loved ones—but only when they’re designed thoughtfully and maintained with care. The Jimmy Buffett case is a timely reminder that even the best-written trust can fall apart when the wrong people are in charge or when expectations aren’t clear.

If you’d like to take a closer look at your existing plan—or put together one that truly reflects your wishes and protects your family—I’d be glad to help. Call or text 402-259-0059 or Email zach@zandersonlaw.com

I work with Nebraska families to create and review estate plans that hold up—in court and in real life.

Frequently Asked Questions

What is a trustee, and what do they do?

A trustee is the person or institution responsible for managing trust assets. They must follow the trust’s terms, manage finances responsibly, and act in the best interests of the beneficiaries.

Can co-trustees be removed in Nebraska?

Yes. If co-trustees cannot cooperate or if one is failing to meet their fiduciary duties, a beneficiary or co-trustee can petition the court for removal under Nebraska law.

How are trustee fees handled in Nebraska?

Trustee compensation must be reasonable and either outlined in the trust document or approved by the court. Excessive or unclear fees can lead to disputes or court intervention.

What happens if a trustee doesn’t communicate with beneficiaries?

Beneficiaries have a right to receive relevant trust information. If a trustee is withholding information or acting without transparency, the court can require disclosures or even appoint a new trustee.

Can I name a professional trustee in Nebraska?

Absolutely. Professional fiduciaries—such as trust companies, banks, or attorneys—can act as trustees when families want to avoid potential conflict or need expertise in managing trust assets.