Tax Planning in New York for Families with Substantial Wealth
Tax planning in New York is about more than preparing returns. For families with substantial wealth, it is a year-round coordination of investments, income, and estate considerations. That is the core of tax planning: not a single event, but a continuous process of alignment. When the people who advise a family share the same information, decisions about when to sell an asset, how to fund a trust, or whether to make a charitable gift become clearer and more deliberate.
Chris Conover founded Hudson Companies in 2008 and still leads it. He started on Wall Street in 1995. He has lived in Rockland his whole life. He earned a BA in Economics and an MBA in Finance at Fordham, and began doctoral coursework there in behavioral economics. That background shapes how Hudson approaches tax planning: not as a compliance exercise, but as a behavioral and strategic discipline. Families often make tax decisions based on emotion—fear of a large bill, or the hope of a big refund. Hudson helps them step back and look at the whole picture.
Consider a family that owns a business and has investment accounts. The accountant prepares the tax return, but the decisions about when to realize gains, how to fund a retirement plan, or whether to gift appreciated stock to a donor-advised fund are investment decisions. Hudson works with the accountant to ensure those decisions are made with the full picture in mind. The accountant knows the tax rules; Hudson knows the portfolio and the family’s long-term objectives. Together, they can structure the year so that the tax return is a reflection of a plan, not an afterthought.
The Work
Hudson manages the portfolio. Hudson also makes sure the accountant, the lawyer, the insurance professionals, and any trustee are working from the same facts. The family pays the firm. Hudson is a fiduciary.
Hudson does not prepare tax returns, review legal documents, or sell insurance. It coordinates the professionals who do, so the family’s plan stays in one place and still makes sense. That coordination is what makes tax planning effective. A family may have an excellent accountant, but if the accountant is not aware of a large capital gain in the portfolio, or a change in the family’s cash flow needs, the return will not reflect reality. Hudson brings those facts to the table.
Hudson also helps families think through the tax implications of investment decisions before they are made. For example, when rebalancing a portfolio, Hudson considers the cost of selling appreciated securities and works with the accountant to identify offsetting losses or timing opportunities. When a family is considering a large gift, Hudson evaluates the impact on the portfolio and coordinates with the lawyer to ensure the gift is structured properly. These are not one-time events; they are ongoing conversations.
Because Hudson is independent and fee-only, there is no incentive to steer a family toward a particular product or strategy. The only incentive is to help the family achieve its goals. That independence is especially important in tax planning, where conflicts of interest can arise when an adviser also sells insurance or manages a proprietary fund. Hudson’s only product is its advice.
The office is in Pearl River, New York. The work is with families in Rockland County and Bergen County. Hudson knows the local landscape—the tax environment in New York, the estate considerations for families with property in the region, and the financial challenges that come with running a business in the tristate area. That local knowledge, combined with a national perspective from years on Wall Street, gives families a practical edge.
Chris Conover’s background in behavioral economics is not an academic footnote. It informs how Hudson communicates with families. Tax planning often involves trade-offs—paying tax now versus later, taking a deduction now versus spreading it out, or deciding whether to realize a loss to offset a gain. Hudson helps families understand these trade-offs without letting short-term emotions override long-term goals. The result is a plan that is both rational and realistic.
For families with substantial wealth, tax planning is not a once-a-year activity. It is a continuous process that touches every part of the financial life. Hudson manages the portfolio, coordinates the other professionals, and keeps the family’s objectives at the center.
To talk with Hudson, Schedule a conversation or call (845) 920-1600. The office is at 1 Blue Hill Plaza, Pearl River.
