Adoption Tax Credit

Many people who hear how expensive adoption is do not realize what a dramatic difference the adoption tax credit makes. The tax credit for adoption is $10,000. This is not a deduction where you deduct adoption expenses from your taxable income. This is an actual credit, meaning you pay less money in taxes. For most people, that means you will be getting quite a refund! This one-time tax credit is available to those who adopt internationally as well as those who adopt US infants or US children in foster care, unlike the ongoing monthly subsidies for medical or psychological care … Continue reading →

Adoption Subsidy Payments

A very interesting article appeared in the adoption blog this morning. Some of the points intrigued me enough to write about how I feel about the subject. What got my attention was the idea that some people think that adoption subsidies and assistance are not justified. Our family is paid an adoption subsidy and given other benefits such as Medicaid and I do not feel like I need to apologize to anyone for taking it. Historically, these benefits came with every child that was adopted. We have very good friends that adopted twelve years ago. They are fairly affluent people, … Continue reading →

Getting Paid To Adopt?

Many families who adopt special needs children through their state receive a monthly check even after the finalization. Some people become irritated when learning this. I’ve heard the argument, “I don’t get paid to raise my kid,” and frankly, I can understand the feelings behind such comments. There are many parents who give birth to special needs children and don’t get monthly support in the form of a check. As an adoptive parent I’ve struggled with receiving certain assistance for my children. We did not adopt our children as a charity; we didn’t need the money. We wanted to be … Continue reading →

Adoption Money Raising Basics

My wife and I took very early retirements in order to adopt five young boys. The course we took would make a financial planner’s hair turn gray, but we believe that we were called to the work that we are doing. We live on my pension and subsidies from the state. In order to pay our bills without touching our savings, we have had to learn how to raise money. Early on, a wealthy colleague that I knew from my working days unexpectedly offered to buy us a house suitable for our adopted family. That story has been told in … Continue reading →

Pros and Cons of WIC

We have used WIC since our adopted children were first placed in our home. Now it is phasing out as the boys grow older. The benefits of WIC are good, but some people may not want to go through the difficulties that come with it. In Texas, you qualify for WIC if your children (foster, adopted, or natural) are on Medicaid. We were eligible because our children qualified for Medicaid because of their status as foster / adopted children. The reason to want to be on WIC is the free food. For each child over one and under five in … Continue reading →