Current Employment Position(s)

Partner

Lawyer Overview

James Starshak is a partner in the firm's Honolulu office and is a member of the Tax, Estate Planning & Wealth Management practice group. He concentrates his practice on tax, trusts, and estate planning, with an emphasis on the formation of qualified pension plans and estate planning for individuals with substantial amounts held in Individual Retirement Accounts and Qualified Plans. He has also served on several boards and committees for the Hawaii State Bar Association, the Hawaii Estate Planning Council, and the University of Hawaii.

Related Matters
Corporate Performed documentation and restructuring of capital for the redemption of a deceased partner for a twenty-attorney law firm. Organize real estate spin offs from closely held corporations to its shareholders in a tax advantageous manner. Revised the retirement program, analyzed the financial impact for the majority stockholders and the compensation and retirement benefits impacts. Developed succession plans for small business to transfer ownership from one generation to another; negotiated and prepared the documentation for the sale of medical and dental practices as well as other businesses.

Estate Planning Formed a family limited partnership and grantor retained annuity trust to use valuation and actuarial discounts to reduce taxable gifts. Used tax defective grantor trusts to reduce the taxable estate of the client while not decreasing the cash flow. Created trusts that transferred personal residences to children and discounted values for estate and gift tax purposes. Mr. Starshak also assists clients in retirement planning including cash flow analysis and debt restructuring.

Charitable Trusts Established charitable trusts that avoid the gain on the sale of appreciated property and increase the income stream to the client.

Prior Work Experience
Internal Revenue Service, Tax Attorney

Publications/Speeches
Mr. Starshak is the co-author of several publications on Hawaii probate, trusts, and estate planning laws and has been an instructor and lecturer at Hawaii universities and professional associations.

Affiliations

• Hawaii State Bar Association, Taxation Section
• Hawaii Estate Planning Council
• American Bar Association, Taxation Section
• Hawaii Chamber of Commerce, Tax Advisory Committee

Distinctions

• Highest "AV" Professional Rating, Martindale-Hubbell Law Directory
• The Best Lawyers in America 2010 in the fields of Employee Benefits Law, Non-Profit/Charities Law and Trusts and Estates (Copyright 2009 by Woodward/White, Inc., of Aiken, S.C.)
• Named "2008 Hawaii Super Lawyer" in Employment Benefits/ERISA, Washington Law & Politics

Qualified Plans Established defined benefit pension plans, money purchase pension plans, profit sharing plans including cross tested and age weighted arrangements, and Section 401(k) plans for hundreds of small and large businesses. Used expertise in analyzing the clients' retirement needs while balancing the existing cash flow requirements and costs to provide maximum benefit.

Tax Prepared tax deferred sales of real property, both forward and reverse exchanges.

Areas of Practice

• Tax, Estate Planning & Wealth Management
• Trusts

West Practice Categories

Pensions, Benefits & Compensations -- Employee, Estate Planning, Trusts, Health & Health Care Law

Bar Admissions

• Hawaii
• Illinois
• U.S. Federal Courts
• U.S. Supreme Court
• U.S. Tax Court

Professional Associations and Memberships

• Hawaii Bar Association, Section of Taxation (Member, Estate and Gift Tax Committee)
• Hawaii Estate Planning Council (Member)
• American Bar Association, Section of Taxation (Member)

Classes and Seminars

• Instructor and Lecturer at Hawaii Universities and Professional Associations
• Nuts and Bolts of 401(k) Plans in Hawaii for Lorman Educational Services
• Integrating Retirement Plans Into the Estate Planning Process in Hawaii for Lorman Educational Services
• Tax Issues in Estate Planning and Probate in Hawaii for National Business Institute

Past Employment Positions

• Internal Revenue Service, Tax Attorney
• Conahan and Conahan, Attorneys at Law, Associate

Education

• Notre Dame Law School, Notre Dame, Indiana
  J.D.
• University of Notre Dame
  B.B.A.
  Major: Business Administration

Address

ASB Tower
Suite 2200
1001 Bishop Street
Honolulu, HI 96813

Phones

808-523-2515

Faxes

808-523-0842

Emails

Contact Us

Websites

http://www.carlsmith.com