American Adoptions Message Board
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| Nora | Posted: Mar 09, 2006 08:44:07 AM
Three words to add to what has been very clearly explained by people already: Home. Equity. Loan.
The interest is really low, there usually aren't any penalties for paying the loan off early with, say, your next tax return, and if you apply for it as a line of credit-style equity account, then you know the money is there whenever you need it, well in advance of your adoption.
| | Staff | Posted: Mar 08, 2006 01:49:41 PM
For additional information you can call 1-800-ADOPTION to speak with an adoption specialist.
| | Wendy | Posted: Mar 08, 2006 12:52:29 PM
Jennifer,
Adoption can be very expensive, but there are several options that can help. First of all there is the 10,000 tax credit. I think the child has to be in your home for six months out of the year you claim them though. I also understand that we won't just get 10,000 back in one year. I was told that my husband just won't pay in as much out of his paycheck until it reaches 10,000 over a five year period. You might want to talk to someone about this! I am counting on our accountant to help me figure this out when the time comes. Second, some employers will help with adoption expenses for their employees. Thirdly, if you are willing to go through the rollarcoaster of the foster care system, it often costs little or nothing to adopt through your state. Fourth, American adoptions has the agency assisted program that you might be interested in. Just do all your homework. Find out how much the homestudy will cost in your area along with all the supporting documents - fingerprints etc. Research agencies and find something that you feel good about. You could also give Amerian Adoptions a call and I am sure they would walk you through all the expenses. My husband Elson and I have been waiting with American Adoptions for almost a year now and while it is very expensive I have been very happy with our choice in an agency.
Keep me posted! : )
| | Jenn | Posted: Mar 08, 2006 12:00:33 PM
I would recommend first checking with your employer(s) to find out if they offer any adoption assistance. I was happily surprised to find that my employer pays $2,000. Additionally, you will get a federal tax credit the year that the placement happens. The tax credit is roughly $10K. That's a huge help b/c it's a credit, not a deduction. That means you get that money dollar for dollar rather than just a percentage. You will also get the dependent deduction for the first time (currently $3,200 I think). Of course, none of that will help you while you're trying to come up with the initial cash. You can, however, adjust your deductions on your paycheck(s) to bring home more money week to week in anticipation of the year-end credit. But a word of caution about that -- if the adoption doesn't happen in the year you expect, you could wind up having a big tax bill at year-end. But as far as coming up with the initial sum of money -- I'd recommend either a home equity loan, a refinance on your house, or a small loan from a bank or credit card company. It all depends on the payments you can afford and how quickly you think you can pay it off. Just remember that if the adoption costs $25K, you'll only ultimately pay $15K after the tax credit. An adoption doesn't *have* to cost 30K. It depends upon what program you choose if you're going with American Adoptions. You can read more about the various costs and the three programs on this website. I can tell you though that the adoption "budget" (something you fill out on the AA adoption planning questionnaire) is not everything, so be sure to add in an add'l three or four thousand when you're estimating. The additional charges are generally relatively small but they add up! Things that aren't included in the "adoption budget": AA application fee, all home study fees (we paid $1625), charges for fingerprint cards/clearance (we paid about $85), post-placement visits from the social worker (assume about $1,000), possibly blood test costs (your insurance company may not cover the "elective" tests required), and travel costs (you'll need to get to the birth mother's location and stay in a hotel for a week or two). We're planning to get a low-interest loan from Capital One. We constantly get offers in the mail from them for low-interest loans up to 5 years. This seemed like the simplest and most economical option to us, but again, it depends on the payments you can afford. I think there are also financial institutions out there that specialize in adoption loans, but we did not look into that. Hope this helps. Good luck!:)
| | Jennifer | Posted: Mar 07, 2006 04:25:42 PM
My husband and I are interested in adoption. We have one son 3 1/2 but after three losses we are turning our attention to adoption(something we have always talked about). My concern is in the understanding of the costs and how one figures out how to pay for it all. We could support another child for sure but from what I understand adoption can cost 30,000 ho does anyone one with a moderate income come up with this kind of money? Any advice would be great thank you, Jennifer
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Mission Statement:
American Adoptions, a private adoption agency founded on the belief that lives of children can be bettered through adoption, provides safe adoption services to children, birth parents and adoptive families by educating, supporting and coordinating necessary services for adoptions throughout the United States. For more information on American Adoptions please call 1-800-ADOPTION (236-7846).
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