Sharon delved into insights on conflicts of interest for trustees and advisors, practical strategies for reducing litigation exposure, and examples of sound fiduciary decision-making and responsible stewardship.
Key Takeaways from Sharon L. Klein:
The ability to resolve conflict is key: Unresolved conflicts can lead to unhappy beneficiaries, and unhappy beneficiaries can lead to lawsuits. Sharon underscored that “the best offense is really prevention” and emphasized the importance of stopping conflicts before they escalate out of control.
A lack of documentation equates to a breach of trust: If a fiduciary fails to maintain adequate records, “all doubts and presumptions are going to be resolved adversely” against the trustee. Sharon noted that a “complete lack of documentation is itself a breach of trust.”
Trustees are judged on conduct, not perfect results: Under the prudent investor rule, Sharon explained that it “doesn’t mandate any particular result,” and trustees are not judged with “20/20 hindsight.” Courts evaluate whether the trustee followed a prudent standard of conduct by considering all facts and circumstances, investing for total return, and documenting the rationale behind decisions.
Legal clauses, donor pressure, or beneficiary influence don’t erase core fiduciary obligations: Trustees must still act loyally and impartially, and they are best protected when they document decisions and partner with professional advisors.
Thank you to our sponsors who made 2026’s seminar possible:
- Presenting Sponsor: Glast Phillips Murray Zopolsky
- Benefactor Sponsors: Crystal Capital Partners and Holland & Knight
- Partner Sponsors: BFS Advisory Group, Carter Financial, Frost Bank, Haynes Boone, Heritage Auctions, and Meadows Collier
- Engagement Sponsors: Alti Global, Armanino, Artemis Partners, Baker Tilly, LLP, C3 Financial Partners, Children’s Medical Community Foundation, EisnerAmper, Financial Planners Association, Gray Reed, HighGround Advisors, Maus & Associates, and Saville
Special thanks to CFT’s Professional Seminar Committee: Edward Copley, Ken Holden, Norm A. Lofgren, Jonathan March, Rich Maus, Jonathan Meany, and Jana L. Simons. The committee was graciously chaired by Jim Roberts of Glast Phillips Murray Zopolsky.
CFT is honored to work with some of the best professional advisors in the industry to support our community’s charitably minded individuals, families, and businesses. For nearly 75 years, we’ve worked side by side with estate and tax attorneys, CPAs, wealth advisors, and financial planners to help guide and execute donors’ charitable interests and plans.
These trusted partnerships with advisors and their clients have helped grow community giving across North Texas and beyond. In 2025, we received $235 million in gifts and distributed $218 million in grants to nonprofits. CFT’s North Texas Giving Day raised $78 million benefiting 3,500 local nonprofits, bringing the 17-year total to more than $700 million for our community. Behind these numbers are many generous individuals, often working alongside our advisor partners.
As your philanthropic partner, CFT is here to provide the charitable tools and resources needed to advance your clients’ knowledge and make their giving meaningful and effective, while also supporting and stewarding their legacies. Learn more about how CFT can partner with professional advisors here.
