I develop and estimate a life-cycle discrete-choice model of fertility and female labor supply to study optimal design of a range of child-related policies. I first evaluate two recent German reforms: A change in parental leave from fixed payments to wage-contingent payments for a shorter duration and an expansion of low-cost public childcare. I find that the parental leave reform increases fertility and lowers employment rates, but only among highly-educated women. The childcare reform increases fertility and employment evenly across all women. Second, I solve for an optimal policy portfolio that satisfies the post-reform budget, considering different tax regimes for married couples. The objectives are maximizing overall fertility with a utility constraint under joint and individual taxation. While in the former case, only modest gains around .3% in fertility can be achieved, in the latter the increase is over 10%. The joint taxation solution re-allocates subsidies from married childless couples to families with children as well as increases mothers' incentives to work.