Some folks are worried that they have to give up control of their property if they set up a trust.

This is true and this is not true because it depends on the type of trust that is being set up. In a revocable trust, the grantor can retain control over everything. However, with all this control and access there is no asset protection.  In certain types of revocable trusts, the grantor can retain the power of appointment over the trustee, but he or she cannot have access to the principal and property if they are looking for asset protection.