We currently have a revocable trust but are interested in an irrevocable trust. Where does asset protection fall into the above categories?

An irrevocable trust is an asset protection tool. A revocable living trust is an estate planning tool. While it can provide for protection for after death transfers to spouses or children, it must be drafted to allow that. Asset protection can take many forms and can be as complex as you need to protect the assets that are at risk. The basic concept is that you are removing ownership to some degree from your individual asset to a trustee who will manage those assets independently. The degree of indepence will affect how much exposure the assets in that trust will have. Whether this makes sense for you or not depends on what you want to accomplish and the extent you need protection for thos assets. A conversation with an attorney familiar with such trusts makes sense.