The subject of the deductibility of investment advisory expenses generates confusion given its complex evolution. In this article, the second in a series, we outline more specifically how these rules apply to estate and non-grantor trusts. In future discussions, we will illustrate the significant impact these limitations have on taxpayers with high adjusted gross income (AGI) or those subject to the alternative minimum tax (AMT) and suggest potential methodologies for fiduciaries in unbundling fiduciary and investment advisory expenses.  Read the full article.