Total return legislation, now law in 40 states, freed trustees of income-only trusts to make investment decisions without being captive to immediate cash flow needs. But serious tax concerns prevented trustees from taking advantage of this opportunity. On Jan. 2, 2004, the Internal Revenue Service adopted final regulations eliminating these tax risks for trusts in states with total return legislation. Still, trustees should be wary of some landmines created by states' fiduciary laws.
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