Tony Bennett’s daughters accuse his brother of mismanaging the family trust

The daughters of music legend Tony Bennett are doubling down on accusations that their brother, Danny, mismanaged their father’s funds and the family trust.

Antonia and Johanna Bennett have been engaged in a legal battle with their brother since June, a year after Tony died in July 2023 at the age of 96.

Beneficiaries of the Tony Bennett 1994 Family Trust, the sisters sued Danny – the sole trustee of the fund – for assets they claimed had gone missing after their father’s death.

Dae, Antonia and Johanna’s brother, is also on the list of beneficiaries.

Danny filed a motion in November to have the case transferred to surrogate court or dismissed. However, on January 3, Antonia and Johanna filed a motion urging the court to reject Danny’s request. They expressed “serious concerns” about what they allege was Danny’s “mishandling” of his fiduciary duties, according to court documents viewed by The Post.

“Danny acted in multiple and conflicting fiduciary roles for an extended period of time before Tony’s death and took (for himself and his children) significant funds from the Family Trust,” the sisters allege in the filing.

“Additionally, as Danny announced to various media outlets, at some point before Tony’s death, Tony entered a phase of diminished capacity, meaning that Tony was no longer able to act as a as co-trustee, leaving Danny to serve as sole trustee of the family trust without oversight.

Antonia and Johanna also insist they are entitled to accountability for how Danny handled their father’s finances before and after the singer’s death, saying there was a “lack of transparency” and alleging that Danny was acting unsupervised.

“(Tony) expressed clear intent and direction in his estate plans that his four children would be treated equally,” the sisters’ filing reads.

Antonia and Johanna also claim that Danny wrote checks to himself from the trust “as he saw fit.” They highlight a series of alleged transactions in 2022, claiming he gave himself “multiple gifts” totaling $200,700. Additionally, they allege that Danny received monthly advances of $50,000 starting in 2021 on top of his business management fee, even though the payments were not officially approved until 2022.

The controversy also involves a 2022 deal in which Danny facilitated the sale of Tony’s assets to the Iconoclast company. Although Danny claimed Tony was “financially struggling” at the time, the sisters claim financial records show their father “still had millions of dollars.”

They allege that Danny continued to “make gifts to himself and his children with assets from the family trust,” including nearly $2.6 million in commissions to his company, RPM Productions. In contrast, Antonia and Johanna claim they each received only $245,000 from the trust.

“Without more information about Tony’s income, it is unclear whether the payments Danny was making to him exceeded what he was contractually owed,” Antonia and Johanna’s filing states.

“Representations and management agreements provided by Danny indicate that commissions paid to (his company, RPM Productions) appear to have been much higher than they should have been based on Tony’s income.”

A source close to Danny Bennett told the Post: “Tony and Danny Bennett have worked together for over 40 years, and the track record of their successful partnership speaks for itself. »

The insider added: “Tony carefully planned his estate to reflect his wishes and provided generously for those close to him. Danny always acted in Tony’s best interests and worked diligently to ensure his father’s plans were honored and carried out.

“It is unfortunate and sad that some choose to challenge his decisions rather than honor Tony’s legacy.”

The Post has reached out to Danny’s attorney for comment.

Tony Bennett established the trust in 1994, with Danny and Dae initially appointed as co-trustees. After amending the trust in 2008, Tony and Danny became the sole trustees.