Anthony Bryan Asset protection consists of methods available to protect assets from your liabilities arising elsewhere.
It should not be confused with limiting liability, which concerns the ability to stop or constrain liability to the asset or activity from which it arises.
Assets that are shielded from creditors by law are few (common examples include some home equity, certain retirement plans and interests in LLCs and limited partnerships (and even these are not always unreachable)
Assets that are almost always unreachable are those to which one does not hold legal title. For example real property conveyed by Deed of Trust.
In many cases it is possible to vest legal title to personal assets in a trust, an agent or a nominee, while retaining all the control of the assets.
The goal of asset protection is similar to bankruptcy, and the two practice areas go hand-in-hand. When a debtor has none to few assets, the bankruptcy route is preferable. When the debtor has significant assets, asset protection may be the solution