If you will do a search on the FLP, it is an airtight way to keep anyone from seizing your property in a legal judgment. Odds are 1 in 3 you will be sued, if you are wealthy enough to own $50,000 in assets, and especially if you own a business. Small business owners are expected to be sued 5 times, on the average.
I have personally used this method, and when I was sued, the plaintiff dropped the case, because I had "no assets".
I have never heard of the FLP, thank you. We'll probably get a living trust early next year after the adoption of our sons is final (Dec 11).