So I was in a game with a friend and he cast Living Death. I had some creatures in my graveyard and I cast in response Teferi's Protection. What I want to know is when my creatures return from the grave yard are they also phased out or does the Teferi's Protection not affect them because they weren't on the battlefield when Teferi's Protection resolved
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They will not be phased out. Teferi's protection only phases out permanents you control when it resolves it doesn't continue to phase out any permanents you get later in the turn.
The text "All permanents you control phase out" on Teferi's Protection expresses a one-shot effect, not a continuous effect — phasing out changes a permanent's status just as tapping does (C.R. 110.5, 610.1; compare with C.R. 611.1). That effect applies only to "permanents you control" at the time Teferi's Protection resolves (C.R. 608.2c, 608.2g, 610.1; compare with C.R. 611.2c, which applies to continuous effects from resolving spells and abilities).
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