ESTATE PLANNING
Protecting What You've Worked Hard to Build.
A Career Grounded in Excellence
ABOUT THATCHER
World-Class Experience.
Small-Town Values.
Thatcher Adams brings a rare depth of experience to estate planning in rural Maine. A graduate of Groton School, Yale University, and the University of Virginia School of Law, Mr. Adams served as a carrier-qualified naval aviator, retiring from the United States Marine Corps as a Captain — before a story that began on the shores of Sebec Lake brought him home to Maine for good.
Growing up in Connecticut, Thatcher's family vacationed on Sebec Lake in Dover-Foxcroft. It was there, at the Sebec Lake Public Beach, that a young Thatcher met Mary Gellerson — who was teaching swimming lessons to local children. As they say in the movies, the rest is history.
Together, Thatcher and Mary chose small-town Maine not as a retreat from the world, but as a place to engage with it — advocating for the common people they care so deeply about. That same spirit guides Thatcher's law practice today. He focuses on estate planning, helping Maine families protect what they've worked hard to build. He travels to meet clients in their homes, offers consultations by phone and video for those farther afield, and brings to every kitchen table conversation the same dedication to plain-spoken counsel that has defined his life in Maine.
Growing up in Connecticut, Thatcher's family vacationed on Sebec Lake in Dover-Foxcroft. It was there, at the Sebec Lake Public Beach, that a young Thatcher met Mary Gellerson — who was teaching swimming lessons to local children. As they say in the movies, the rest is history.
Together, Thatcher and Mary chose small-town Maine not as a retreat from the world, but as a place to engage with it — advocating for the common people they care so deeply about. That same spirit guides Thatcher's law practice today. He focuses on estate planning, helping Maine families protect what they've worked hard to build. He travels to meet clients in their homes, offers consultations by phone and video for those farther afield, and brings to every kitchen table conversation the same dedication to plain-spoken counsel that has defined his life in Maine.
WHY THATCHER
What the Wealthy Know About Passing Down a Home —
And most Maine Families Don't
In years of practice, one of the most well-meaning and costly mistakes families make is this: an aging parent decides to sign the family home over to their child while they are still alive. It seems straightforward. It feels generous. And it can cost that family tens of thousands of dollars they never needed to lose.
Here is the problem. Suppose parents bought their home years ago for $75,000. Not unusual in Maine. That same home might be worth $400,000 today. If the parents sign the deed over to their child as a gift, the IRS does not see a gift. It sees a transfer of the original cost basis. In the eyes of the tax code, the child acquired a $400,000 home for $75,000 — and when they eventually sell it, they will owe capital gains tax on every dollar of that $325,000 increase in value. That single decision, made with the best of intentions, can cost a family $50,000 or more in unnecessary taxes.
There is a better way. It is not complicated, and it is not just for wealthy families in southern Maine or out of state. It is available to anyone, and this is exactly the kind of planning Thatcher helps families with every day.
Step 1 — Place the home in a revocable living trust. The parents retain complete control. They can sell the home, refinance it, or dissolve the trust entirely if circumstances change. Their daily life is unaffected. The difference is that the home is now structured to transfer correctly when the time comes.
Step 2 — Name the children as beneficiaries of the trust. When the parents pass away, the home transfers to the children privately and automatically. No probate court. No public filing. No delay. And far lower costs than probate would require.
Step 3 — Inherit with a stepped-up basis. This is the part that matters most. When children inherit the home through the trust, the IRS resets the cost basis to the fair market value at the date of the parents’ passing. If the home is worth $400,000 at the time of inheritance and sells for $400,000, the capital gains tax is zero. Tax is owed only on appreciation that occurs after inheritance — not on a lifetime of value the parents built. The difference between these two approaches — a direct deed transfer versus a properly structured trust — can easily save a Maine family $50,000 or more. That is money that stays with the people who earned it.
If parents have mentioned signing the house over to their children, or if a parent is thinking about doing exactly that, please reach out before anyone signs anything. A conversation with Thatcher costs far less than the alternative.
Here is the problem. Suppose parents bought their home years ago for $75,000. Not unusual in Maine. That same home might be worth $400,000 today. If the parents sign the deed over to their child as a gift, the IRS does not see a gift. It sees a transfer of the original cost basis. In the eyes of the tax code, the child acquired a $400,000 home for $75,000 — and when they eventually sell it, they will owe capital gains tax on every dollar of that $325,000 increase in value. That single decision, made with the best of intentions, can cost a family $50,000 or more in unnecessary taxes.
There is a better way. It is not complicated, and it is not just for wealthy families in southern Maine or out of state. It is available to anyone, and this is exactly the kind of planning Thatcher helps families with every day.
Step 1 — Place the home in a revocable living trust. The parents retain complete control. They can sell the home, refinance it, or dissolve the trust entirely if circumstances change. Their daily life is unaffected. The difference is that the home is now structured to transfer correctly when the time comes.
Step 2 — Name the children as beneficiaries of the trust. When the parents pass away, the home transfers to the children privately and automatically. No probate court. No public filing. No delay. And far lower costs than probate would require.
Step 3 — Inherit with a stepped-up basis. This is the part that matters most. When children inherit the home through the trust, the IRS resets the cost basis to the fair market value at the date of the parents’ passing. If the home is worth $400,000 at the time of inheritance and sells for $400,000, the capital gains tax is zero. Tax is owed only on appreciation that occurs after inheritance — not on a lifetime of value the parents built. The difference between these two approaches — a direct deed transfer versus a properly structured trust — can easily save a Maine family $50,000 or more. That is money that stays with the people who earned it.
If parents have mentioned signing the house over to their children, or if a parent is thinking about doing exactly that, please reach out before anyone signs anything. A conversation with Thatcher costs far less than the alternative.
Talk with Thatcher
The Right Documents Today Can Save Your Family Everything Tomorrow.
Contact
Give me a call
Thatcher M. Adams Jr.
Cell: (207) 947-0534
Email: thatcheradamslaw@gmail.com
Law Office Address (By appointment only)
426 Pine Street
Dover-Foxcroft, Maine 04426
Cell: (207) 947-0534
Email: thatcheradamslaw@gmail.com
Law Office Address (By appointment only)
426 Pine Street
Dover-Foxcroft, Maine 04426