Tier One Interview: Ani Hovanessian

This month, Jay sits down with Ani Hovanessian, Partner in the Private Client Group at Willkie, Farr & Gallagher LLP, for an inspiring conversation about the intersection of technical mastery and human connection in estate planning. Ani shares her journey from first-generation roots to becoming a trusted advisor to some of the nation’s most prominent families, offering a rare look into how top-tier attorneys integrate life insurance into complex wealth transfer and business succession plans. Along the way, she and Jay revisit their collaboration on an intergenerational split-dollar case, discuss why skepticism about life insurance often melts away with education, and reflect on the power of purpose, legacy, and yes — warm cookies and kale.

JAY:  Ani, I met you several years ago through our joint friend, Ron Rubin, a founding member of the Lion Street producer group based in New York City.  You had a client considering using PPLI for intergenerational wealth transfer and you thought I would be a strong advocate for your client as he considered his life insurance planning options.  You and I worked on that situation for a year, and I think we can agree your client experienced a fantastic outcome and is happy.  Your day-to-day law practice at Wilkie, Farr & Gallagher involves very wealthy individuals and families involved in estate and business succession, many of whom use life insurance to meet their goals.  Fill me in on your firm and your role there.

ANI: Thank you for featuring me this month! I’m grateful for the chance to share my work in a more personal way.

In a nutshell, I help individuals and families address important issues, both those they recognize and those I bring to their attention, to ensure they and their loved ones are protected. I take responsibility for their estate, tax, business, and personal planning, so when the unexpected occurs, there’s no scrambling. The groundwork is already in place.

My ultimate goal is to provide peace of mind.

I’m a partner in the Private Wealth group at Willkie Farr & Gallagher, where we run a boutique-style practice within the larger firm. I act as Personal General Counsel for individuals, families, and family offices, advising on trusts and estates, tax strategy, asset protection, business succession, life insurance, and charitable giving. I collaborate and closely team up with my clients’ business managers, investment professionals, accountants and insurance and art advisors to deliver complete planning for every client.

I am also fortunate to be part of Willkie’s exceptional, nationwide Private Wealth team. My ability to serve clients at the highest level is amplified by our deep bench of talent and the way every member – at every level – shows up with respect, responsiveness and a relentless focus on client goals.

JAY:  When I interview life insurance producers, their path to where they are today rarely involves them saying, “I always wanted to be a life insurance producer!”  Did you always want to be a lawyer or did this interest come later.   I’d like to hear about your upbringing, your education and your path to being a partner at a top law firm.

ANI: I am a proud Armenian who grew up in northern Indiana, a suburb of Chicago, as a first-generation American. I have fond memories of my grandparents, orphans who survived the 1915 Armenian Genocide, living with us much of my childhood and instilling in us resilience, love of our food and culture and gratitude for all of the opportunities we were given in America. Armenian was my first language until I was five.

I grew up planning to be a doctor, like most everyone in my family, but in college, I gravitated to law and psychology. I was deeply influenced by my parents who were the embodiment of balance: yin and yang. My late father and hero, Dr. Raffy Hovanessian, a true academic who graduated med school before he could legally drink, had a razor-sharp mind for numbers and an unparalleled work ethic tempered by deep faith and humility. My mother, Vicki, has off-the-charts emotional intelligence and is often the “phone a friend” for many around the world who contact her to solve a problem; there is no “can’t” in Vicki’s dictionary. Together, they taught me that true excellence lies in mastering both technical rigor and human connection.

Ani presenting with past Tier One interviewee Jordon Katz.

My fascination with trusts and estates began in college, when my father would send me medical journal articles that highlighted sophisticated tax and estate strategies. When I began my career at a major New York law firm, woman role models were scarce—only three women were partners and none visibly balanced career and family. I resolved to forge my own path. I dedicated myself to becoming a leading technical expert while raising three boys, with the unwavering support of our infamous Tanti (aunt) and my parents.

Eventually, I stepped away from Big Law for nine years to focus on my boys and family.

I returned unexpectedly when a mentor I deeply respected appeared on the Today Show for a complex estate case and reached out for someone he could trust. Stepping back into practice felt like riding a bike. My analytical tax skills and client instincts clicked immediately, and I loved the challenge, eventually earning recognition as a Rising Star and ultimately achieving partnership.

Looking back, I can now see how every step led me to Willkie. I carry forward the legacy of my late mentor and Private Client partner, Michele Mulrooney (“MMM”), who championed women building both family and career without compromise. Her example continues to guide my work and leadership today.

JAY:  Let’s get to some of my subject matter questions.  The first one is low-hanging fruit for you but, for many of our readers, I know they would enjoy hearing about this first-hand from someone with your position in the legal industry.   What sort of planning are you involved in with clients where life insurance often makes a lot of sense?  Then, as a follow-up to this, do your clients tend to view life insurance with skepticism or do they recognize it as a tool in meeting their goals?   I am curious how wealthy purchasers of life insurance perceive the need to buy life insurance to fund a liability.

ANI: My role is to guide families with clarity and confidence, eliminate uncertainty, and make sure there are no surprises - especially in a crisis. Life insurance is one tool that helps us do exactly that. It brings order, liquidity and stability.

A common use is creating liquidity for families with taxable estates - under the new law in a couple of months $15 million per individual or $30 million for married couples. When wealth is tied up in assets like private equity, real estate, artwork, intellectual property, or a family business, life insurance provides cash to cover estate taxes without forcing sales under pressure.

Life insurance is also a key tool in family business planning. In a buy-sell agreement, it provides the funds needed if a business owner passes away unexpectedly, ensuring surviving owners or family members can buy out the deceased owner’s share without financial strain. This protects the business, maintains family harmony and gives everyone peace of mind knowing the transition is secure.

Some clients use life insurance for sophisticated strategies that integrate estate, tax and investment goals. Private placement life insurance (PPLI) is a powerful solution for sophisticated clients seeking to invest a wide-range of assets in a tax-efficient manner inside a tax-advantaged insurance wrapper.

Many clients start skeptical or unsure about life insurance, assuming it underperforms or is unnecessary. But once we explain how it solves specific challenges - funding estate taxes, supporting a buy-sell agreement or enhancing investment strategies - they quickly see its value.

Working together with advisors like you is critical. It helps clients view life insurance as a strategic solution. Once they understand the planning and precision behind it, they gain confidence in its power and reassurance that their legacy and plans are secure.

JAY: When we worked together, we used an intergenerational split-dollar arrangement where the client lent an irrevocable trust money that was used to buy PPLI policies on three members of the next generation.  In 40 to 50 years, the death benefit will benefit future generations.  Why is intergenerational split-dollar often a useful planning tool and what are some of the nuances that are important to handle carefully?

ANI: My Generation 1 client and his sophisticated son had been researching PPLI options using an intergenerational split dollar structure for a number of months. I immediately introduced them to you for your independent expertise and guidance. Your strategic advice helped the client navigate the complexities of intergenerational split-dollar, collaborating closely with me and the advisory team at every step.

Intergenerational split-dollar can be highly effective for clients with significant liquidity who want to preserve assets, provide future liquidity, and enhance long-term growth. By lending funds to a trust that purchases PPLI policies on the next generation, it creates a flexible, long-term solution that complements estate and succession planning while maintaining control and tax efficiency.

The nuances require careful attention, which is why your role as an independent advisor was so critical:

• Vetting the Right Carrier and Advisors: You worked directly with insurance companies and independent advisors to determine which carrier could offer the custom policy tailored to this client’s complex needs. You also coordinated structuring the family entities for fee efficiency and assisted in narrowing down the most appropriate jurisdiction given the client’s specific situation.

• Policy Ownership and Control: We collaborated with you to structure the plan through Generation-Skipping Tax Exempt Trusts for G1’s grandchildren that formed a family LLC, such that G1 did not retain control in a way that could trigger estate tax inclusion or issues as guided by recent case law.

• Investment Platform Setup and Ongoing Administration: You coordinated with the investment manager to create a new investment platform under the PPLI policy and you continue to oversee administration over time.

By the end, you were on speed dial. The client, known for his high standards, joked that you might as well be part of the family. You were proactive, solved each issue promptly and delivered at every stage, ensuring the family’s legacy is secure for generations to come. And there’s no greater complement than the client referring so many others to you.

JAY: It is kind of you to include mention of my work, but you did a lot of the heavy lifting, Ani! This next question deals with a common situation that I often see mishandled but that you are very proactive about handling in the right order.  How do you approach planning for a client who owns a business and who wants to do estate planning?  

ANI: When I work with clients who own a business, estate planning is about more than preserving wealth, it’s about anticipating challenges and creating peace of mind. Life insurance is a key tool because it addresses three critical needs:

• Maintain business continuity: Provides resources to keep the business running smoothly if an owner passes unexpectedly.

• Provide liquidity for estate taxes: Ensures funds are available to cover taxes or other obligations without forcing sales or loans.

• Fund a buy-sell agreement: Allows co-owners or family members to buy out a deceased owner’s interest immediately, protecting stability.

I also advise family business owners and entrepreneurs on tax-efficient ownership strategies. Senior generation owners can gift or transfer a portion of the business into irrevocable trusts for their children. This moves future growth outside the taxable estate, provides creditor protection and provides appreciation for the next generation.

Succession planning is another key focus. I meet with family business clients to think about management, ownership and family dynamics impacting future generations - especially when not all children are involved in the business. A well-structured estate plan can allocate ownership fairly while making sure management remains in experienced, capable hands.

JAY: We know how busy you are and would love to hear how you spend your time away from work.

ANI: I love staying active, lifting heavy weights, practicing patience in hot yoga, hiking outside and aimlessly wandering Manhattan neighborhoods with zero agenda. I’ll admit I’m directionally challenged, so I inevitably get lost - but that’s usually when I stumble on the best boutiques or local discoveries. Off the grid and in the woods, I prefer a hiking partner - ideally someone who actually senses where north is.

I love spending time with my mom, three adult boys, Ara, Armen and Alec, my soon to be daughter (in-law) Alexandra, siblings, nieces and nephews. With them, I love traveling.  We recently returned from India, Brazil and Mexico City, exploring contemporary art, attending Armenian church, cultural or social events, going to sporting events and concerts. Go New Jersey Devils!

I love gooey, warm chocolate chip cookies, prefer sneaking spoonfuls of the dough with my niece, and love dark chocolate. But I’m equally obsessed with broccoli, kale and greens, eating them at most meals by choice.

Mornings start simply: a little meditation, journaling and/or a short blog by Bishop Mesrop Parsamyan called www.ilooys.com – more energizing than coffee which I avoid and far more reliable than my sense of direction.

JAY:  Thank you for participating in the Tier One Interview series, Ani.  We have come to our famous restaurant question and, when we last spoke, a question for which you told me you were well prepared.   Without naming a steakhouse or a steak dish, please share some restaurant recommendations and tell our readers what they should order when they go.

ANI: I have many!

Via Carota (NYC):  Chefs Jody Williams and Rita Sodi serve Insalata Verde which has garnered acclaim for its simplicity and balance as “the best green salad in the world”. Sounds so simple though the local freshness is lifechanging. The Tonnarelli Cacio Pepe pasta is off the charts too.

Four Charles (NYC) / 130 Club (Tenafly, NJ):  Cheeseburger or Roast Beef sandwich with a Green gem lettuce salad. Even though I don’t eat red meat, somehow my body happily makes an exception for Four Charles or 130 Club.

Houston’s (Hackensack, NJ):  Any salad, especially the Emerald Kale and Rotisserie Chicken Salad (I prefer the grilled chicken and love the peanut dressing) or the Caesar Gem lettuce salad with Grilled Chicken plus an order of grilled red and yellow peppers and broccoli on the side (non-negotiable!). If you’re in NYC, the sister restaurant Hillstone has incredible sushi.

Mayrig (Beirut and Yerevan, Armenia):  Manti, traditional Armenian meat mini dumplings. I don’t really eat meat - unless it’s wrapped in dough and blessed by generations. I grew up making Manti as a family bonding experience involving all generations with grandparents, parents and grandkids and continue the tradition today; Mayrig’s version is a close second.

Máximo (Mexico City):  A Mexican-French fusion restaurant with the best dessert:  French Toast with blueberry compote and vanilla ice cream which is an off-the-charts sweet that’s perfectly balanced and unforgettable.

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Since its inception, Life Insurance Strategies Group has solely focused on the individual high net worth life insurance market. We do not sell products. This allows us to offer unbiased, pragmatic advice. Visit us at www.lifeinsurancestrategiesgroup.com.