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The article focuses on the developments in the New York's newly amended decanting statue. It is stated that New York enacted the nation's first decanting statute in 1992. It furthers discusses basic principles of trust decanting, requirement of court filling and discretion in the decanting statute, and rules applicable when trustees have unlimited discretion.

The article presents the case between Matter of Sunrise Manor Center for Nursing & Rehabilitation and Novello & Co. The New York Court of Appeals ruled that a termination clause is an irrevocable trust that distributes to those entitled renders of the trust principal of available resources for Medicaid purposes. When Mildred Gonet was admitted, Sunrise applied for Medicaid benefits on her behalf but was denied by the Department of Health.

The article reports on the move of a New York trial court to allow a guardian to conduct Medicaid planning on behalf of a relative given that the money be put into a trust under the relative's personal needs. It mentions that the court approves such petition but requires that a trust be created under the name of the guardian once the transfer of asset is complete. It relates that a trust is the only way needed in order to use the assets for personal needs.

The article reports on the focus of the Jefferson County, New York on general obligation (GO) debt. It mentions that all of the GO warrants of the country are secured by an irrevocable full faith and credit pledge. It adds that GOs are being considered by investors as the gold standard because they believe them to be more secure than revenue bonds secured by a limited source of revenue.

The article provides an overview of the fiscal condition of New York. The state registered a stronger revenue in 2005 and an on-time budget. Moody's Investors Service's upgrading of the state's general obligation debt reflects its improving economy. Fitch analyst Richard Raphael comments on New York's wealthy and diverse economy. Meanwhile, to address the estimated $50 billion actuarial liability for health benefits, Mayor Michael Bloomberg has proposed setting aside $1 billion each from fiscal 2006 and 2007 into an irrevocable trust for retiree health benefits.