Should put the part in the middle of Characters torso and stay there even if the CHARACTER moves. Won't work, just falls through Baseplate. (Yes I know CanCollide = false)
Char = game.Players.LocalPlayer.Character
function Protect()
local Shield = Instance.new("Part")
Shield.Parent = workspace
Shield.FormFactor = Enum.FormFactor.Custom
Shield.Size = Vector3.new(.2,.2,.2)
Shield.CFrame = Char.Torso.CFrame
Shield.Transparency = .65
Shield.CanCollide = false
Shield.Material = Enum.Material.Neon
local Weld = Instance.new("ManualWeld",Char.Torso)
Weld.Name = "Weld"
Weld.Part0 = Char.Torso
Weld.Part1 = Shield
Weld.C0 = CFrame.new(0,0,0)
Weld.C1 = CFrame.new(0,.01,0)
end

2 comments
what does the Weld.C1 line do?
@scottmike0 It's similar to C0. The weld CFrame is determined sort of like this: weld.C0 * weld.C1:inverse()