Doesn't a revocable living trust provide asset protection while I’m still alive?

No, a revocable living trust does not provide asset protection while you are living. The general rule of thumb from the world of debtor-creditor law is whatever you have direct access to, your debtors and creditors have access to.  This means that the assets owned by the revocable living trust while you are alive are still subject to your persona liabilities include lawsuits, bankruptcy and loan or mortgage defaults.