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Family & Financial Planning

Extension of Adoption Tax Credit

Wed, 05/12/2010 - 14:40 | Family & Financial Planning

We've been talking about the need to extend the federal adoption tax credit since last year, well it was extended through December 2011. Many of you received information on this we sent out a while back. Attached is a report about the usage of the tax credit, and its impact. I think it is interesting to read that most families that take advantage of this credit adopt internationally. Education is everything! Current, updated tax credit information for adopt-foster and foster families (no it is not to early to plan):

The federal special needs tax credit can be spread out over five years and it is per child. It applies for the year in which you finalize your adoption
Foster families and pre-adoptive adopt-foster families, make sure you check off your child tax credit on your 1040 form. Yes, provided a child(ren) is placed with you for six or more months you can take advantage of the child tax credit on your federal (some States too) taxes.

In our experience it is often the case that most adopt-foster and foster families just don't know about these tax credits. If they did, they would used them far more often. Planning is everything, the current (2010) tax year is nearly half over so plan ahead.

David

Executive Director

Families Like Ours, Inc.

Turn Small Savings Into a Big Nest Egg

Tue, 10/06/2009 - 10:25 | Family & Financial Planning

I came across this article this morning and thought I'd pass this along just in case you missed it. We all hear all the time how must a little can go a long way when you think 10, 20 or more years ahead. For a lot of people that seems like a life time.

What caught my attention about this article was how simple this plan is, but instead of using this savings for your retirement maybe instead think of it as your kids collage future; or an after graduation trust for them.

“According to the U.S. Bureau of Economic Analysis, the personal savings rate of Americans has ranged between -1% and approximately 4% between the years 2005 and 2009. “

So let's take all us adults out of the equation for a moment and think about what this is doing to our kids. Our kids do not hear us saying NO to that new video game, extra sports channel, On Demand movie or trip we cannot afford. They do not actually see us balance our check books, pay for cash, or hear us talk about saving.

“If you eliminate $100 of wasteful spending per month and instead channel that cash to an investment vehicle that yields an annual interest rate of 10%, that translates to more than $75,000 over 20 years, and more than $500,000 over the course of 40 years. “

I agree, it doesn't look like a lot of money and non of us can retire or send our kids to college on $75,000. But the bigger exercise here is more than that $100 per month, it is teaching our kids how to plan for their own future when we no longer can support them.

Free Preschool in North Bend (Washington) for Foster Children

Wed, 08/26/2009 - 13:10 | Family & Financial Planning

Encompass has a few preschool openings for families who are living on a limited income or for families whose income has recently changed due to divorce, death or job loss. Children living with grandparents and foster parents are automatically qualified. This program is free and is offered through the State of Washington Early Childhood Education and Assistance Program (ECEAP). ECEAP is similar to Head Start and includes three half days of preschool, free transportation, meals and support services. Your child must be 3 or 4 years old by August 31^st of 2009. Encompass is the only NAEYC certified program in the Valley and boasts a ratio of 6-7 children per adult in the classroom. For more information, call Paula at Encompass (425-888-2777).