Today's 50-something CEOs tend to have vague dreams of  more fishing, traveling or sailing  when they retire, but they don't know when that might be so they haven't begun planning for it.

That's a mistake, say a trio of specialists: wealth management advisor Haitham "Hutch" Ashoo, CPA Jim Kohles, and estate planning attorney John Hartog.

"Whether you're selling your company, passing it along to a successor or simply retiring, that's a potentially irreversible life event - you've got just one chance to get it right," says Ashoo, CEO of Pillar Wealth Management, (www.pillarwm.com).

A 2012 survey of CEOs by executive search firm Witt/Kieffer found 71 percent of those aged 55 to 59 have no retirement plan, although 73 percent look forward to more recreational and leisure activities when they let go of the reins.

"A lot of baby boomers have the idea that they're just going to work till they stop working," says Kohles, chairman of RINA accountancy corporation, (www.rina.com). "If they hope to do certain things in retirement and maintain a certain lifestyle, they're likely to end up disappointed."

Planning for the transition from CEO to retiree should incorporate everything - including what happens to your assets after you're gone, adds John Hartog of Hartog & Baer Trust and Estate Law, (www.hartogbaer.com).

"Many of my clients worry about what effects a large inheritance will have on their children - they want to continue parenting from the grave. You can, but should think hard about doing that," he says.

The three say smart planning requires coordinating among all of your advisors; that's the best way to avoid an irrevocable mistake. With that in mind, Ashoo, Kohles and Hartog offer these suggestions and considerations from their respective areas of expertise:

1. Ashoo: Identify your specific lifestyle goals for retirement, so you can plan for funding them. To determine how much money you'll need, you have to have a clear picture of what you want, Ashoo says. Do you see yourself on your own yacht? Providing seed capital for your children to buy a business? Pursuing charitable endeavors?

Each goal will have a dollar amount attached, and you (or your advisor) can then determine whether it's feasible and, if so, put together a financial plan.

"But you can't just create a plan and forget it. You need to monitor its progress regularly and make adjustments to make sure you're staying on course, just like you would if you were sailing or flying," Ashoo says. "We run our clients' plans quarterly."

It's also imperative that you don't take any undue risks - that is, risks beyond what's necessary to meet your goals, he says. "You may hear about a great investment opportunity and want in on it, but if you lose that money, you may not have a chance to make it up."

2. Kohles: Don't sell yourself short when selling your business. "If you're banking on money from the sale of your business, know that it's unlikely you'll have investors just waiting with the cash for the chance to buy it when you're ready to sell," Kohles says.

Buyers are more likely to offer to pay over time from the company's future earnings -- which leaves the retired CEO with no control over the business and utterly reliant on the new owners to maintain its profitability.

A good alternative is to establish an S corporation combined with an employee stock ownership plan (ESOP), Kohles says.

"You're selling the company to the employees while retaining control until you phase yourself completely out," he says. "The ESOP doesn't pay income taxes - the employees do when they retire. And you don't pay taxes on the money or the stock that you contribute."

3. Hartog: What do you want your kids' inheritance to say? If you have children, this decision can change their lives for the better - or the worse.

"How your assets are disposed of should reflect your values," Hartog says. "A lot of people prefer to think in terms of taxes at the expense of values. I advise against that."

For children, incentive trusts can encourage, or discourage, certain behaviors.

"If you're concerned your adult child won't be productive if he has a lot of money, set up a trust that will make distributions equal to what the child earns himself," Hartog says.

"Or, if you want to be supportive of a child who's doing something socially responsible, like teaching in an impoverished area, you can set it up to pay twice his salary."

There are many creative ways to establish trusts, Hartog says. Plan about five years out and change the trust as life events dictate.

About Haitham "Hutch" Ashoo

Haitham "Hutch" Ashoo is the CEO of Pillar Wealth Management, LLC, in Walnut Creek, Calif. The firm specializes in client-centered wealth management for ultra affluent families.

About Jim Kohles

Jim Kohles is chairman of the board of RINA accountancy corporation, Walnut Creek, Calif. A certified public accountant for more than 35 years, he specializes in business consulting, succession and retirement planning, and insurance.

About John Hartog

John Hartog is a partner at Hartog & Baer Trust and Estate Law. A certified specialist in estate planning, trust and probate law, and taxation law, he has been selected to the Super Lawyers Top 100 list for nineconsecutive years.

Astros rehabbing pitcher Josh Fields tosses two scoreless innings in eventual 11-inning Game 1 loss

DAVENPORT, Iowa (MAY 10, 2013) - Houston Astros right-hander Josh Fields tossed two shutout innings in the first major league rehab assignment for Quad Cities at Modern Woodmen Park since 2006, starting a stretch of 10 scoreless innings between the River Bandits and Cedar Rapids Kernels to start their doubleheader Friday, but the visitors took a 2-0, 11-inning win in Game 1 and a 5-1 win in Game 2 in front of 2,003 fans.

Fields struck out three batters in his first-ever professional start, allowing a lone two-out infield single in the first inning. Following Fields, right-hander Jamaine Cotton struck out five batters in four scoreless innings for an impressive Midwest League debut.

Meanwhile, Kernels right-hander Hudson Boyd allowed just two hits in six shutout innings. Each team loaded the bases and failed to score late in Game 1. The Kernels had the bases loaded with none out in the seventh, and Quad Cities filled the bases with one out in the 10th inning.

In the first of two scheduled seven-inning games, the 10 scoreless innings marked the longest such tie in a game for Quad Cities since its 1-0, 11-inning walk-off home win against Cedar Rapids on Aug. 26, 2007.

In the top of the 11th inning, Kernels first baseman Dalton Hicks drove in the game's first run with a RBI double to deep left field to score shortstop Jorge Polanco from first after his one-out single. Right fielder Adam Brett Walker followed with a double down the left field to bring in Hicks for the Kernels' second run against right-hander Cameron Lamb (1-2). Right-hander Tim Atherton (2-1) kept Quad Cities scoreless for the final 1 2/3 innings for the victory.

In Game 2, the Kernels rode their momentum to a four-run first inning against Quad Cities right-hander Vincent Velasquez (3-1). Hicks, third baseman Travis Harrison and catcher Tyler Grimes each had RBI-doubles, while Polanco drove in the game's first run with a single.

Cedar Rapids added another run in the third on a single off the bat of Harrison, which drove in Walker from third base. In the seventh inning, Quad Cities left fielder Jordan Scott knocked a sacrifice fly to left field to score catcher Roberto Pena, who walked earlier in the frame, for the Bandits' only run of the doubleheader.

Both starting pitchers in Game 2 set career highs with nine strikeouts each. Velasquez fanned nine in 4 2/3 innings, while Kernels left-hander Mason Melotakis (3-1) struck out as many in 5 1/3 innings. The two teams struck out 25 times in Game 1 and 21 times in Game 2.

After dropping their first home series of the season, the River Bandits open a four-game, three-day series with the Peoria Chiefs with a doubleheader at 6 p.m. Saturday. Quad Cities will play its first consecutive doubleheaders on consecutive days in seven years. Quad Cities and Lansing split consecutive doubleheaders on May 1-2, 2006, with Quad Cities winning each Game 1 as hosts and losing Game 2. River Bandits right-hander Daniel Minor (2-0) is scheduled to face Chiefs right-hander Tyrell Jenkins (1-2) in Saturday's Game 1.

UP NEXT: Saturday's doubleheader is AUSA Military Appreciation Night, with postgame fireworks on a Fan Appreciation Saturday presented by CBS4. Single-game tickets are on sale at the River Bandits box office at Modern Woodmen Park, by phone at 563-324-3000 and online at www.riverbandits.com. Season ticket and mini-plan packages start at just seven games and begin at less than $50. Call a River Bandits account representative today to choose your seats and get the details of our various mini-plan packages.

ABOUT THE BANDITS: The River Bandits will make one of the biggest improvements to Modern Woodmen Park since the ballpark was first built back in 1931! A new Ferris wheel, standing 112 feet over the playing field, is scheduled to open in early June, along with two new zip lines, a carousel, a Frog Hopper, new bounce houses and many other fun attractions. The team also boasts a new major league affiliate, the Houston Astros, and fans will see last year's No. 1 overall draft pick, Carlos Correa. The Astros will also make the very first selection in the major league draft this June and could have another top pick end up in the Quad Cities. With new rides, new attractions, new improvements, a new affiliate and future major league stars, this season will be one every fan will not want to miss!

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