I have read that an irrevocable trust would protect everything placed into it, but that I would not be able to access the income or other assets.

Listening to real estate personalities is plain dangerous and a land trust can violate the due on sale with changes to beneficiaries, in fact, most banks won't buy off on irrevocable type trusts for that reason or changes except for estate matters.It does matter who is behind the door (or curtain)!

Breglio how could a irrevocable living trust be structured to lose asset protection?

Couple things you need to know.Transferring an asset into an irrevocable trust may have gift tax implications, and you may need to file a gift tax return.Basis gets carried over when an asset is gifted into a trust. i.e. there is no change in basisAn irrevocable trust (non-grantor trust or complex trust) does not avoid paying capital gains tax.

A land trust is not irrevocable so how much protection does it really offer?

That money is now irrevocably yours.In a non-spousal inherited IRA, you have to drain the account within a 10-year window.  

Same if we move the house into an irrevocable trust.

Irrevocable Trust is likely a different story though.

@Steven NguyenWhile the life insurance death benefit will be transferred tax free and out of probate, it will still be counted towards your estate.You may want to look at irrevocable life insurance trust where you can use the gift exemption each year to pay for the premium.

Trusts fall into one of two categories; revocable and irrevocable.