Custody V. Adoption
Posted 24 June 2012 - 05:38 PM
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Posted 17 October 2012 - 07:52 AM
Posted 20 October 2012 - 04:56 PM
We have had our grandchildren since February 2009. We were lucky that both parents (my daughter and her boyfriend) gave us legal custody. Neither of them were in a place where they could care for them. Under legal custody, the boys were eligible for Medicaid, but this did not cover specialized care - dental or alergists. etc. We were able to get 250.00 from the state for the boys in liu of the parents paying child support, of which we new we would never see. Not a lot, but better than nothing. Since they lived with us as their primary residence, we were able to declare them as a dependent for our taxes.
In 2011, Dad was sentenced to prison for drugs and my daughter was living out of state - she had run out of options locally. We ask to adopt the children and both of them agreed - neither had a leg to stand on.
So in April of 2011, they became ours. Now here is what I want to share as a benefit of adoption -
1) They are now under our insurance and have full benefits
2) I am 62 and was contemplating retirement. I did some research and found that each of the boys are entitled to $800.00 a month until they are 17 years old (19 if they are in school) ONCE I FILE FOR RETIREMENT. This is not a death benefit (survivor benefit). They are entitled as I am retiring and have young children through adoption.
Our tax accountant and financial advisor did not know this - I saw it on the internet when I was researching retirement. I physically went to the SS office and they confirmed. This gives the boys a college fund we would never be able to provide for them. Our 7 year old will have close to $100K when he turns 17. Our 5 year old even more than that.
This is a HUGE benefit to adoption if this is something you are considering. What a way to benefit your child late in your life and ensure they have what their parents could not give them.
Hope this helps spomeone out there.
Posted 21 October 2012 - 03:13 AM
Posted 21 October 2012 - 02:16 PM
This is due to filing for SS and is a benefit through them.
Posted 21 October 2012 - 04:31 PM
Also, thank you for the information and the detailed comparison of the benefits of custody v. adoption! I'm sure it will be very helpful to some others. I realize that some of these rules may differ by state though SS is Federal. Your post also shows how valuable it is to do one's own research!
So glad you decided to come in and talk with us! Welcome!