Trust-Fees Ruling Causes Pain

In The Wall Street Journal's Tax Report, Tom Herman covers the Supreme Court decision limiting trust fees and offers some statistics:

The case has drawn especially close attention because trusts -- and the amount of assets they hold under management -- have proliferated rapidly in recent decades as Americans have grown increasingly prosperous. . . .

There are nearly four million estates and trusts that outsource $10.2 billion a year for legal, accounting, tax reporting and asset management, and that pay trustees an additional $4 billion for their asset-management services, according to Eileen Sherr, tax technical manager at the American Institute of Certified Public Accountants in Washington.