I looked up “adoption tax credit 2011″ on Google and found this blog post. The credit for 2011 will be $13,170. This will help cover about half our costs. Finances are a big part of the adoption process. This credit is part of what helped us decide that now is the time to adopt again.
When we adopted First Sister in 2004, we were in a decent place in our finances but we could not afford to pay cash for all the expenses. We ended up using an equity line of credit.
When we started the process to adopt Second Sister we had not quite paid off that line of credit and there are a lot of up-front fees that we added to it. The process took much longer the second time and before we left on the second trip to China we had paid off the first line of credit and the all those up front fees for the second adoption. We still had to use the line of credit for the trip costs and for the in-country fees.
Now we are adopting again and we have not yet paid off the equity line of credit from the second trip. When I was thinking about this I looked at our options from two perspectives.
One, we want to pay cash and should not use debt. With this in mind it may be another year or so before we could start the process again. My wife and I are almost forty now and, as the saying goes, we are not getting any younger.
My second perspective was to take a longer term view of our finances. With our present plans we should be able to pay off these adoptions and our house in less than ten years. The adoptions and our house are the only debt we have. So, with that second view in mind we both feel now is the time to start the process again.
Through adoption we are investing not only in the lives of the children we adopt but we are also richly investing in the happiness and fullness of life for our entire family!
Please keep us in your prayers. Pray that God will once again select the perfect child for our family – this time a little boy!