In 2006, courts spoke to two important issues in trust administration. The Dumont case was overturned,1 providing a brief respite for trustees that own large stock concentrations. And Rudkin was affirmed,2 seeming to confirm that, at least in the Second Circuit, investment management fees incurred by trusts cannot be fully deducted for income tax purposes. These cases involve two of the most difficult issues in trust administration: investing a trust with an undiversified asset concentration ...

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