The living trust is most commonly used to avoid probate, provide durable powers of attorney, healthcare powers of attorney, last will and testament, death with dignity, and directive to physicians. In the asset protection plan the living trust is most commonly used as the limited partner, holding a 98% limited partnership interest.

The living trust itself does not provide any protection from lawsuits against the creator of the trust. Assets placed in the living trust directly are subject to seizure by judgment creditors. Practically speaking, the trust does nothing for you until you become incapacitated or deceased.