Asset protection law implies two things: 1) you have an asset worth keeping and 2) there are threats to that asset. It is my view that the biggest threat to your wealth is medical costs. Other threats include unnecessary taxation, market risk, law suits and mismanagement.
Asset protection law is a specialty within estate planning but looks to Medicaid, tax and advanced trust and estates law to insulate your assets from these threats. Thus, asset protection law is not just one practice area. It is a mix of several.
The purpose of asset protection is to help you fund your retirement with your hard earned assets for your entire life and the life of your spouse, if you are married, with the goal of having the highest quality of life. If we do this, we have a much better chance of having something left over to leave as a legacy.