Philip Peterson sues WaterStone over donor-advised fund rights
Updated
Updated · The Wall Street Journal · May 1
Philip Peterson sues WaterStone over donor-advised fund rights
8 articles · Updated · The Wall Street Journal · May 1
The federal case in Colorado centres on a donor-advised fund worth more than $21 million at end-2023, created by Gordon Peterson and later overseen by his son.
Peterson says WaterStone stopped communicating in March 2024 and wants to transfer the fund and continue grants to charities his father preapproved under Christian evangelical principles.
WaterStone has moved to dismiss, arguing tax law gives donors and advisers no control over donated assets; lawyers say the case could clarify what information, communication and grant-consideration rights DAF advisers retain.
Is your donor-advised fund truly yours? A $21 million lawsuit could prove you have no real control.
When you name a successor to your charitable fund, are you granting a right or merely a suggestion?