In a decision likely to affect millions of trusts and their beneficiaries, the U.S. Supreme Court has ruled that trust investment advisory fees are subject to the 2% floor for miscellaneous itemized deductions. This decision could impact the tax deductibility of many common trust and estate expenses, thereby increasing the overall costs for managing large estates and trusts. It may also force trustees, accountants, attorneys, financial advisors and family offices to change their cost reporting and allocation procedures.