Umbrella policy doesn't cover their anxiety

DEAR HARRY: My wife and I have more than $300,000 of equity in our home. We also operate two reasonably small businesses. These businesses have a potential risk for which we have insurance. We also have a $5 million umbrella policy as a backup. However, we both grew up in poor families, at one time on relief, and we both worry about what might happen in a really big lawsuit.

We have two kids who are about to enter college, so we need to be safe. Is there something else we can do to protect what we have?

WHAT HARRY SAYS: First of all, make sure that your home is titled as "Tenants by the Entirety." This will protect you in case of liability for either of you. It won't protect you against liability for the two of you jointly. Second, incorporate each of your businesses separately. Have the stock owned separately to protect each other against a rare lawsuit that can pierce the "corporate barrier" and affect the shareholders.

These actions should do the trick, with the umbrella policy as an ultimate cushion. And remember what Mark Twain said: "I've had a million worries in my life, most of which never happened."