any money in an account with a “tenants by the entirety” title. This is because your spouse owns 100%, as well. That said, “tenants by the entirety” titles vary by states, and some apply to real estate and not cars. Further, if your state doesn’t offer tenants by the entirety, there may be other joint ownership options, although they may not be as protective. TRUSTS Another option is that you can put your assets into a trust. The trust often must be irrevocable to be safe. This means that while you determine the terms of the trust, you can’t control the assets. Another person— a trustee —disburses the assets, and you can’t get those assets back. There are options for trusts in the United States as well as in other countries. Keep in mind that trusts can cost a lot of money to set up, but, depending on your assets, it may be worth the expense. RETIREMENT ACCOUNTS If you don’t already have a retirement account, now’s a good time to start one. Not only is it a good idea for your future, but these accounts are often at least partially protected. PERSONAL BUSINESS OPTIONS If you have a business, you can use it to protect your personal assets by forming a corporation, limited liability company (LLC), or limited partnership (LP). If you are a sole proprietor or are in a general partnership, there’s generally no coverage. If you’re interested in pursuing this option, you’ll need to do a bit of research to learn about the laws in your state. A lawyer or accountant can also help you determine the best route. • • •
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