What is Asset Protection?

Legal Definition
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of asset protection planning is to insulate assets from claims of creditors without perjury or tax evasion.
-- Wikipedia
Legal Definition
To protect wealth from parties with a claim on it. It can be placed offshore in a trust keeping it out of local court systems.