David M. Elkin, Estate Planning Attorney & Certified Public Accountant

Estate Planning & Probate Attorney in Livonia, Michigan

David M. Elkin is an estate planning and probate attorney and Certified Public Accountant whose practice is devoted to estate planning and probate administration. From his Livonia office, Elkin helps individuals and families plan for the transfer of property, prepare for possible incapacity, and address the legal and financial responsibilities that arise after a loved one dies.

Elkin established his own firm in 2008 after practicing with a law firm and working for a Big Four national accounting firm. His background as both an attorney and CPA is particularly relevant to estate planning because decisions about trusts, property ownership, beneficiary arrangements, and inheritances can involve legal, financial, and tax considerations at the same time.

When Young Children or a Second Marriage Make Planning More Complicated

Some of the most important estate-planning questions have less to do with the size of an estate than with the people who depend on it.

Parents of minor children need to consider who they would want to care for their children if both parents died and how an inheritance should be managed while the children are still young. Elkin helps parents incorporate these decisions into an estate plan rather than leaving important family and financial questions unresolved.

A second marriage can create a different set of concerns. Someone may want to provide for a current spouse while also preserving an inheritance for children from a previous relationship. Elkin specifically identifies second marriages among the circumstances in which careful estate planning can become particularly important.

Planning can also help address concerns about future disagreements among children or other beneficiaries. Clearly establishing how property should pass, who should be responsible for carrying out the plan, and how an inheritance should be handled can reduce uncertainty when family circumstances are already complicated.

Should You Just Add a Child to Your Bank Account?

Families sometimes look for simple ways to transfer property without creating a formal estate plan. One approach is adding an adult child to a bank or investment account as a joint owner.

Elkin specifically addresses this issue in his estate-planning guidance because changing ownership of an account can have consequences beyond making it easier for a child to access the money. How property is titled can affect who owns or receives it and how that property fits with the rest of an estate plan.

This illustrates a broader issue that Elkin addresses with clients: estate planning is not limited to deciding what a will should say. Account ownership, beneficiary arrangements, trusts, and other methods of transferring property need to be considered together so that one planning decision does not unintentionally conflict with another.

Planning for a Time When Someone Else May Need to Make Decisions

An estate plan also needs to work while its creator is alive. An accident, illness, or cognitive decline can leave someone unable to handle finances or communicate healthcare decisions.

Elkin helps clients determine who should have authority to make financial and medical decisions if incapacity occurs. Making those choices in advance allows an individual to select trusted decision-makers rather than waiting until a family is dealing with an unexpected crisis.

This aspect of planning can be particularly important for spouses and adult children. Without appropriate arrangements, relatives may discover that being someone's closest family member does not automatically provide all of the legal authority needed to manage that person's affairs.

Providing for a Child With Special Needs

Leaving an inheritance to a beneficiary with a disability can require additional planning when the beneficiary relies on government assistance.

Elkin assists families with special-needs planning designed to provide financial support for a child or other beneficiary while taking eligibility for government benefits into consideration. Rather than simply leaving property directly to the beneficiary, the estate plan can be structured around the individual's continuing needs and circumstances.

For parents, this planning also involves looking beyond their own lifetimes and considering how resources should be managed for a child who may need continuing assistance long after the parents are gone.

When Tax Considerations Become Part of the Estate Plan

Not every estate requires complicated tax planning, but tax consequences can become an important consideration depending on a family's assets and circumstances.

Elkin's background as a Certified Public Accountant complements his legal practice when estate-planning decisions involve tax and financial issues. His professional experience includes work involving estate-planning and tax matters, and his practice ranges from relatively straightforward planning to situations requiring more specialized trust arrangements.

The relevant question is not necessarily whether every client needs sophisticated tax planning. It is whether potential tax consequences need to be considered before deciding how assets should be owned, transferred, or ultimately distributed.

Carrying Out the Plan After Someone Dies

Estate planning eventually gives way to estate administration. After a death, family members may need to determine what happens to the deceased person's property, address creditor claims, complete probate proceedings when required, and distribute assets to the appropriate beneficiaries.

Elkin represents clients in probate administration and also assists with trust administration. This work helps personal representatives, trustees, and families move from the documents created during someone's lifetime to the practical process of carrying out those instructions after death.

Having an estate plan can simplify some of these issues, but it does not eliminate every responsibility. Assets still need to be identified and transferred, obligations addressed, and the terms of wills and trusts properly implemented.

Understanding the Choices Before Signing Estate Documents

Estate planning frequently involves choosing among several possible ways of accomplishing a goal rather than simply selecting a standard set of documents. A family may need to decide whether a will is sufficient or a trust makes sense, how particular assets should be owned, who should make decisions during incapacity, and how beneficiaries should receive an inheritance.

Elkin emphasizes explaining estate-planning alternatives so clients can make informed decisions about their own circumstances. That approach is particularly relevant when seemingly simple choices—such as adding a child to an account or naming a beneficiary—can interact with the remainder of an estate plan.

For Livonia-area families, his practice combines that planning work with probate and trust administration when a loved one's estate ultimately needs to be settled.

Serving Livonia and Southeast Michigan Families

David M. Elkin's office is located on Six Mile Road in Livonia, where his practice is focused entirely on estate planning and probate administration. He works with individuals and families seeking to put an estate plan in place as well as those dealing with the responsibilities that follow the death of a loved one.

For clients in Livonia and elsewhere in Southeast Michigan, the firm's work can encompass different stages of the estate-planning process—from deciding how property should pass and preparing for possible incapacity to administering a probate estate or trust after a death.

Practice Areas

• Estate Planning

• Wills

• Trusts

• Specialized Trust Planning

• Special Needs Planning

• Powers of Attorney

• Healthcare Decision Planning

• Probate Administration

• Trust Administration

• Estate and Tax Planning