If your business is your biggest asset, do you have a plan to protect it? In this episode, Alex Mejias breaks down estate planning and succession planning for entrepreneurs. Learn how buy-sell agreements, operating agreements, durable powers of attorney, and revocable living trusts work together to preserve your company’s value and make sure it passes to the right people—without costly, public probate.

Key Takeaways:

• A solid entity shields personal assets.
• A succession plan (often via a buy-sell agreement) preserves business value and continuity.
• A comprehensive estate plan (often trust-based) directs that preserved value to your intended beneficiaries and can avoid probate.
• Solo owners still need continuity tools (operating agreement + POA).
• Life insurance can efficiently fund buy-sell obligations

Connect with Us:

• Website: jamesriverlaw.com
• Instagram: @jamesriverlaw
• LinkedIn: JamesRiverLaw
• Contact: hello@jamesriverlaw.com
• Book a Call: jamesriverlaw.com/book-a-call

👉 Like, subscribe, and share to stay tuned as we explore the full journey of entrepreneurship — from start to legacy.

In this episode of The Mark You Leave, Alex Mejias and his colleagues Bri and Tariq from James River Law take a deep dive into one of the most important — and most misunderstood — topics in personal and business planning: estate planning.

They unpack what an estate plan actually includes, why it’s about more than just a will, and how to protect yourself, your loved ones, and your legacy — no matter your age or income level.

Whether you’re a creative, entrepreneur, or young professional, this episode breaks down essential estate planning tools like Wills, Trusts, and Powers of Attorney in a conversational, approachable way.

🧾 What You’ll Learn

· What an estate plan really is (and isn’t)

· Why a Will matters — even if you don’t own a home

· The role of Trusts in avoiding probate and protecting your assets

· What “incapacity” means and how Powers of Attorney work

· How a Living Will and Advance Medical Directive help make difficult medical decisions easier

· The difference between Will-based and Trust-based estate plans

· Why everyone — not just the wealthy — needs an estate plan

🗣️ Key Quotes

“A lot of people think estate planning is just about death — but really, it’s about life, and making sure you and your loved ones are cared for no matter what happens.” – Alex Mejias

“Trusts aren’t just for the rich. They’re tools for anyone who wants to save time, money, and stress for their family.” – Bri

“The biggest reason people finally create an estate plan? They’ve seen firsthand how hard it is when a loved one doesn’t have one.” – Tariq

Connect with Us:

• Website: jamesriverlaw.com
• Instagram: @jamesriverlaw
• LinkedIn: JamesRiverLaw
• Contact: hello@jamesriverlaw.com
• Book a Call: jamesriverlaw.com/book-a-call

👉 Like, subscribe, and share to stay tuned as we explore the full journey of entrepreneurship — from start to legacy.

Guest: Brandon Smith, Independent Financial Planner, Milestone Financial Solutions
Host: Alex Mejias, Founder & Managing Attorney, James River Law

If you’re a closely held or family business (1–4 owners, ~10–15 employees), this episode is your practical guide to business continuation and succession planning. Alex and Brandon break down buy-sell agreements, valuation methods (handshake, informal, and formal valuations), funding options (loans, sinking funds, term & permanent life insurance), and when to use cross-purchase vs. entity/stock-redemption structures. They also dig into key person insurance, disability coverage, tax considerations for S-corps vs. C-corps, and what actually happens when planning is ignored—or done well.

What you’ll learn

• The two must-haves in any buy-sell: valuation method & funding method
• Cross-purchase vs. entity redemption: when each structure fits
• Why term life is often the most affordable funding—and when permanent/VUL can make sense
• How key person and disability insurance keep the lights on
• S-Corp dividend vs. payroll treatment, and why you don’t deduct life insurance premiums
• Sector tips: restaurants, trades (plumbing/HVAC), professional services, creatives & athletes
• Real stories of success and failure that show the stakes

Resources & links

• Milestone Financial Solutions: milestonefinancialsolutions.com
• James River Law (buy-sell agreements & estate planning): jamesriverlaw.com

Want help drafting or updating a buy-sell? Book a consult at jamesriverlaw.com.

Need funding/coverage options? Talk with Brandon at milestonefinancialsolutions.com.

Disclaimer
This episode is for informational purposes only and is not legal, tax, or financial advice. Consult your attorney, CPA, and licensed advisor for guidance specific to you.

Connect with Us:

• Website: jamesriverlaw.com
• Instagram: @jamesriverlaw
• LinkedIn: JamesRiverLaw
• Contact: hello@jamesriverlaw.com
• Book a Call: jamesriverlaw.com/book-a-call

👉 Like, subscribe, and share to stay tuned as we explore the full journey of entrepreneurship — from start to legacy.