Debt is not bad, but it is dangerous. Think of it like a knife. If used properly, it has many positive uses. Used carelessly, and it can cause severe and long-lasting damage. Asset protection is the concept of legally using strategies, entities, planning tools, and insurance to protect your assets and family from litigation and frivolous lawsuits, and in today’s environment, identity theft. While many people avoid using life insurance, the truth is it can be an excellent tool for saving taxes, protecting assets and people in the family, providing income, avoiding inadvertently disinheriting children, equalizing inheritance, and liquidity so illiquid assets do not have to be liquidated, especially at inopportune times, to pay taxes or debts.