A $21 million charitable fund is at the centre of a legal dispute after Philip Peterson, the son of its founder, alleged that WaterStone cut off his access and stopped acting on his recommendations. The fund was created by Gordon Peterson in 2005 for Christian charitable causes, and Philip became its sole successor adviser after his mother died. According to the lawsuit, the dispute escalated in 2024, when access to the account was revoked and a proposed $1 million donation was not processed. The case is now examining how much authority successor advisers actually have over donor-advised funds. The dispute raises broader questions about how donor intent and successor adviser rights are handled when control of a charitable fund changes hands.
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