The IRS has reissued a proposed regulation to clarify whether estate or nongrantor trust advisory expenses are fully deductible. Deductions for these advisory expenses are normally heavily restricted. This issue was also addressed in the 2007 Supreme Court case of Knight v. Commissioner.
See Gerry W. Beyer, "Clarification on Deductibility of Advisory Fees," Wills, Trusts & Estates Prof Blog (Sept. 21, 2011).
Posted by Adam Bair, Associate Editor, Wealth Strategies Journal
See Gerry W. Beyer, "Clarification on Deductibility of Advisory Fees," Wills, Trusts & Estates Prof Blog (Sept. 21, 2011).
Posted by Adam Bair, Associate Editor, Wealth Strategies Journal
Link to new proposed regs is here: http://www.gpo.gov/fdsys/pkg/FR-2011-09-07/pdf/2011-22732.pdf