Yes, and you probably should use a living trust in your asset protection plan. The living trust can own FLPs, LLC memberships or other entities that do protect assets. The idea is to use corporations, trusts, FLPs, LLCs and other legal entities to protect your assets, such as real estate, stocks, bank accounts, and so forth. However, you or your family wouldn’t personally own these entities. Your revocable living trust would own these entities so you can avoid probate on these entities when you die. You then get the best of both worlds. You have a protective entity to shield your assets during your lifetime, and the living trust will possibly save your family estate taxes and probate fees when you die.