14. Financially Preparing For Adoption

Welcome to Sheepdog Financial episode 14. Scott is here with Laura Coleman, an Accredited Financial Counselor with 19 years of experience in the financial industry. Family Money Coaching is her private practice focused on the economic issues military couples face when going through the fertility and adoption process. She has made it her mission to help couples find the money and understand the financial and implications of adoption and fertility.

Laura knows the financial strain it can put on a family because she has been there. She created an adoption financial planner that helps you understand what to do and what to save for when it comes to bringing a child home. Laura believes that being prepared can help take the stress and fear out of adoption so you can focus on what is necessary, the child.

Listen in as Laura gives us tips on keeping proof of what you spend for taxes when going through fertility treatments, or adoption, and what questions to ask your CPA. She also speaks to us about protecting your child's credit, the downfalls of borrowing the money you need for fertility treatments and ideas for fundraisers.

 If you are thinking about fertility treatments or maybe adopting a child, you will want to listen to this episode. The information Laura has given us is a must-hear and might save you some major financial issues on the road ahead. 

Highlights from Episode 14

[01:01] Welcome to the show, Laura!

[01:07] Laura talks to us about their struggles with fertility, adoption, and the financial burden of both.

[04:08] Her wish of being a mom and having 3 three children before her 40th birthday became a reality through adoption.

[05:14] Using her financial knowledge and first-hand experience with fertility and adoption to a podcast 'Fertility, Adoption, and Money Podcast' to help couples prepare financially for adoption.

[05:59] She discusses getting her Accreditation to be a Financial Counselor.

[07:59] What is the process for adoption? What if you get deployed?

[09:20] If you are outside of the United States, there are things you must do to bring an adopted child home.

[09:36] When you are living in the United States, you need an ICPC to get permission to take an adopted child across state lines.

[11:12] Laura created an adoption financial planner to make sure you have set up an accurate budget.

[11:43] Did you know that there are military discounts to get travel discounts for flights and?

[12:49] Laura speaks to us about the different ways you can adopt without breaking the bank.

[14:18] She brakes the myth about fostering while in the military.

[15:48] Does moving all the time with the military, being away from extended does that weight negatively when trying to adopt?

[16:55] Laura talks about making her network of people once they moved to Tennesee.

[19:03] They chat about the cost of fertility and creating multiple streams of income to fund the full IFV cycle.

[21:01] She has a list of grants that can help with IFV and adoption. 

[21:15] If you are an eligible service member, there is a program called the Compassionate Care that can save you up to 50%.

[22:54] Keep all of the receipts for everything you spend, you will want them at tax time.

[24:14] What questions do you need to ask your CPA when you are filing your taxes?

[26:48] Laura recommends doing a year-end tax review, tax planning.

[29:18] When adopting, how do you protect the child's credit? Identity?

[31:16] When borrowing money to pay for fertility or adoption, make sure you can afford to pay it back.

[33:55] She gives us some ideas for fundraisers like renting out your house with Airbnb.

[35:08] What kind of long term planning do you need with adopted children? Is it the same as with other children?

[37:41] She talks about the insecurities that can come from having a relationship with a child's birth family.

[38:45] Laura gives us her final piece of advice.

Links and Resources

Family Money Coaching

Fertility and Adoption Grants

Adoption and Fertility Grant Success Course

Family Money Coaching Podcast

Laura@familymoneycoaching

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