There are many ways to protect your assets from creditors.  Each situation may require a different approach for asset protection.  Some of the common means of protecting assets are placing the assets in a separate entity such as a trust or limited liability company, transferring ownership of assets to spouse or children.

Generally, as long as you have access to your assets, your creditors have the access that you have, with some exemptions or exceptions.  For example, if you pass your assets into a revocable trust, then creditors can still have access to the assets passed into that trust.  If assets are passed into an irrevocable trust, you no long have the ability to change that trust or get assets out other than how it was specified in the trust, and so your creditors cannot access your assets in that trust either.

Too reduce taxes with trusts or LLC’s see Estate Planning.