We have any number of specific protective firewalls, but we most commonly use these eight 'firewalls:' 1) federal and state exemptions, 2) co-ownerships, 3) corporations, 4) limited partnerships, 5) limited liability companies, 6) domestic trusts, 7) international entities, and 8) debt-shields (equity stripping).
Each specific firewall has its own unique characteristics, strengths and weaknesses, advantages and disadvantages, applications and instances where they would or wouldn't be useful. Think colors on the artist's palette. Some colors are more commonly used than others; however, each is vital to achieve artistic perfection. Still, that perfect portrait depends on their correct application. We'll talk more about each firewall so you can see how it might apply to the various assets.