Asset protection refers to a set of legal and financial strategies that individuals or businesses use to safeguard their assets from lawsuits, creditors, or other potential claims. The goal is to minimize the risk of losing valuable assets such as homes, investments, savings, or income-producing properties due to unforeseen circumstances like accidents, lawsuits, or financial difficulties. Asset protection strategies can include creating trusts, establishing limited liability companies, using insurance policies, and placing assets in the names of others who are not at risk. The specific techniques used will depend on an individual's unique situation and goals, but the overall goal is to protect one's wealth from potential threats.