--- title: Life is Like Monopoly description: No matter how much money or how many assets you have, it seems that every CEO will fall on hard times at some point in time during their career. So what do you do to protect yourself in advance? The best asset protection comes before you fall on hard times. 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No matter how much money or how many assets you have, it seems that every CEO will fall on hard times at some point in time during their career. So what do you do to protect yourself in advance? There are a number of tools one can use; however, the key word in that question was *in advance*. The best asset protection comes *before* you fall on hard times. If you do your planning ahead of time, you’re most likely to be ready when the waves come crashing. So what can you do? You can talk with an estate planning attorney regarding an asset protection trust or credit shelter trust. In an asset protection trust, it is an irrevocable trust. As a result, you have to be comfortable parting with those particular assets and placing them in this “vault.” If you are married, you can split your assets between you and your spouse and hold them separate; some assets in the husband’s name, some assets in the wife’s name. You also want to limit the guaranties you sign so that both spouses don’t sign personal guaranties. It’s best not to sign a personal guaranty at all, if your bank will allow this. If you have children, you should also consider setting up and transferring gifts to them over the years either through a minor’s account and also for their college education through a 529 tax advantaged account. I recommend [College Savings Iowa](https://www.collegesavingsiowa.com/content/home.html) as a tool to help with this planning. You would then have some of your wealth transferred to the next generation in advance. Ideally you reach a point in your business where you no longer have to tie your personal guaranty and your personal assets together with your business debts and your business risks. You want to make sure you have clearly set up and not comingled any funds with the business. Make sure you are protecting yourself later from someone piercing the corporate veil by keeping solid books and records, including your annual minutes and your corporate book. 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