Yes, a family limited partnership or a trust is a good vehicle for asset protection and estate planning purposes.  You must be aware and take cautions against the five-year look back for Medicaid purposes.  A transfer will be considered fraudulent and reversible if it is within a five-year period of the person needing 24 hour  nursing or medical care.You should speak to experienced estate planning attorney to ensure proper steps are taken so that it is clear the purpose was estate planning and not asset protection.