Asset protection and estate planning, though related, are different strategies used to accomplish different goals. If your objective is to avoid liability because you are in a high-risk profession, e.g., a doctor, then the primary strategy to maintain your assets for your enjoyment should be asset protection. Generally, a revocable living trust is not a viable asset protection vehicle, nor is a land trust. Both can be reached with appropriate judgments. A corporation can also be "pierced" if its only reason for existing is to avoid creditor liability. Furthermore, transferring assets into any vehicle within a certain period is referred to as a "fraudulent transfer" and will be undone as quickly as the creditor can get a judge to hear its case.
Key tools in asset protection, or "wealth preservation," are malpractice insurance, umbrella insurance, an LLC, domestic asset protection trusts, and offshore trusts.
I strongly recommend you contact an attorney with experience in wealth preservation so that you don't unwarily set yourself up for contentious and costly litigation later. Spending time and money to insure your net worth is more prudent than spending what will be more time and a lot more money to pay court costs, attorneys' fees, penalties, and judgments because you tried it on your own.
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Attorney Elliott hits the nail on the head. One thing is estate planning which you want to do for tax and/or inheritance purposes and another thing is asset protection planning. Estate planning tools such as land trusts or family trusts will not protect you legitimate and existing creditors. Neither an asset protection plan is bullet proof against this kind of creditors.
Asset Protection Planning is aimed to protect your personal net worth against frivolous and bogus lawsuits.
A local estate planning or bankruptcy attorney should be able to advise you on your options regarding the federal 125k homestead.
Douglass Lodmell is the nations #1 Asset Protection attorney and has clients in all 50 states, protecting over $4 Billion in client assets. Answers given by him in this forum do not establish an attorney-client relation. He advises to seek a specialized attorney in the area of your interest for legal representation.