Not a lawyer, and don't play one on TV (so this is worth what you paid for it), but...
Revocable trust, aka "living trust"
- used for probate avoidance (saves money
in many states, but totally unnecessary in others), but provides zero asset protection benefit.
- if trust is "self settled", meaning you contribute the assets and you are the beneficiary (even with a third party trustee), also provides no meaningful asset protection. There are a handful of states that have enacted legislation to promote these specifically as asset protection vehicles, but you have no guarantee that this will be respected if a lawsuit is brought, or the liability arises, in another state.
Family Limited Partnership or FLP
- can provide strong (but not bulletproof) asset protection depending on the laws of the state where it's formed, and where the liability arises. Speak with a FL attorney about whether a FLP could work
in your specific circumstances. May have ongoing annual costs of at least a few thousand $$ for tax prep and legal advice
. May also limit your options when shopping