ome people shy away from adoption because of the costs involved.
For readers in the United States, an excellent source of information can be
found in the booklet How to Make Adoption an Affordable Option, by the
National Endowment for Financial Education. The information can also be found
at www.nefe.org/adoption/.
Many resources are available to help prospective adoptive families
finance the adoption process. Some of these include:
Federal Tax Credit—Effective January 2003, a tax
credit is available to reimburse up to $10,160 in adoption costs per child.
Publication 968 Tax Benefits for Adoption is available for review at www.irs.ustreas.gov.
State Assistance—Some states offer tax credits for
adoption (up to $10,000), adoption subsidies, and adoption assistance. Contact
your state Division of Family Services and State Tax Office.
Employer Assistance—Many corporations have adoption
assistance programs. Check with your employer's Human Resource Department or
check out www.adoptionbenefits.com. For more information about employer benefits,
including materials to help you request that your employer establish a program,
call the National Adoption Center at 1-800-TO-ADOPT.
Military Subsidy—There is a one-time subsidy program
available for full-time military personnel to receive up to $2,000 per child
or $5,000 for siblings. Check out www.militaryadoption.com.
Nonrecurring Federal Adoption Program—Administered
by the states, this program reimburses nonrecurring adoption expenses for families
who adopt children with special needs (children from minority cultures). Learn
more at www.adoptiveparents.adoption.com/pages/ reimbursement_for_non-recurring_expenses.php.
Other Sources—Unsecured loans or second mortgage
loans may be available to finance adoptions. In addition, some organizations
provide low-interest loans to those who are adopting and even grants on the
basis of need. Search for "Adoption Grants and Loans" on the Internet.
Adoption Cost Reductions—Domestic adoptions are
usually more affordable than international adoptions. Some agencies provide
a sliding-scale fee based on the family's income. Also, there is usually a reduction
in fees for adopting older children and sibling groups.
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*The information supplied applies primarily for readers in the
United States. You may consult similar (or parallel) services where you are.
