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The San Antonio Express-News today ran a story about The Costs of Adopting. (I've already fired off a letter to the editor objecting to the claim that international adoption is more popular because it usually happens quicker... go figure! Tell that to the thousands of applicants whose international adoption dreams get held up each year by frequently-changing laws in other countries-- like Romania, Bulgaria, Russia, Guatamala, etc.) :o

Did the Express News ever publish your letter? If they did, I must have missed it. Could you post a copy of it here, please?

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When my first daughter was born we didn't have medical insurance. My in-laws gave us a heifer which we later sold to pay the medical bills. I am glad to report that after almost 40 years, our daught

Just wanted to chime in that my employer does not offer a paid maternity leave for mothers (adoptive or biological) either. Any maternity leave is taken with vacation time, and FMLA does not apply in

It is insulting to me that I have heard so much about potential/hopeful adoptive parents giving us biological parents money in order to make our problems go away. As if a lump sum of money is going to

Bumping this up for Kristin. Go back and look toward the front of this thread and it list sites that give info about grants. :)

Chilemom would be a great person to PM about grants. She has received several of them. I plan to apply for several the next time around.

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Bumping this up for Kristin. Go back and look toward the front of this thread and it list sites that give info about grants. :)

Chilemom would be a great person to PM about grants. She has received several of them. I plan to apply for several the next time around.

Thanks! I actually did apply for one online just yesterday! There were two others that I "found" but you have to have a completed homestudy. I will definitely jump on that when we are finished ours. Kristin :)

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  • 6 months later...

In Oklahoma, the judges are hopping mad to learn what attorneys there have been charging for adoption services. Read all about it (for free!), here.

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  • 2 months later...

For those needing assistance with adoption costs, you might check out www.helpusadopt.org, a new nonprofit foundation committed to giving grants twice a year to assist would-be adoptive parents with the expenses associated with that endeavor. (Please note: Abrazo is not affiliated with this organization and our inclusion of its website should not be construed as an endorsement, as we are only passing along the information provided to us via press release and have no knowledge of this group or its practices.)

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For those needing assistance with adoption costs, you might check out www.helpusadopt.org, a new nonprofit foundation committed to giving grants twice a year to assist would-be adoptive parents with the expenses associated with that endeavor. (Please note: Abrazo is not affiliated with this organization and our inclusion of its website should not be construed as an endorsement, as we are only passing along the information provided to us via press release and have no knowledge of this group or its practices.)

Thanks, Stork, for passing on this information. According to the site, it will be launched November 1, 2007.

Cathy

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  • 3 weeks later...
But if you are determined to adopt only a newborn/infant, then you must budget for at least $7-10k (or more) in medical bills-- just in case.

Elizabeth or those in the "know",

Is the estimated cost of $14,000 to $20,000 include the $7-10k for medical bills??

THANKS!

the eager to be prepared!

Andrea

Edited by andy
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Is the estimated cost of $14,000 to $20,000 include the $7-10k for medical bills??

Unfortunately, no: unless you're adopting through our special needs or designated programs.

Most birthparents do need some level of pre- and/or post-placement assistance (i.e., rent, groceries, clothing, transportation, private therapy). If you add this to the attorneys' fees/court costs for termination, factor in any staff travel for out-of-town cases and foster care, plus our Milagros program fee, you can see why it's so important that families seeking infants only be prepared for the added costs of medical bills not covered under Medicaid or insurance, for any reason.

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A few ways to finance adoption..

1) Tax credits will really help to alleviate some issues.

2) Home equity loans may be an option...

3) There are places you can go on-line to apply for an adoption loan or receive a grant.

4) Cut things out of your budget...

5) If need be, utilize checks attached to your credit card - sometimes they offer 0% or a very low rate loan.

6) If all else fails, ask your family for some support - they are also very excited to add children to the family as well.

7) Check into an adoption benefit at your company - this came in handy for us.

8) Check to see if driving is cheaper than flying.

God Bless the family in this situation...

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A few ways to finance adoption..

1) Tax credits will really help to alleviate some issues.....

This is good information, but just as an FYI to those who may not be familiar with the Adoption Tax Credit and who might be counting on it to assist with the financial piece of adoption:

It may be up to a Year or even longer AFTER taking placement before you are eligible to file for the tax credit.

So, it can help recoop costs, but the tax credit monies will not be available to you when the bills are initially due (at time of placement).

The tax credit is currently around $11,000 and has been going up almost a thousand dollars a year. There are no guarantees though that it will always be available and the amount can change from year to year.

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It is also my understanding that the tax credit is NOT given to you in the form of a refund check. You must apply extra deductions through your employer to reap the benefit of the extra $. It is accumulated over the year, not immediately returned.

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It is also my understanding that the tax credit is NOT given to you in the form of a refund check. You must apply extra deductions through your employer to reap the benefit of the extra $. It is accumulated over the year, not immediately returned.

First, let me say, I am no tax expert so for the best advice seek professional tax help.

I use TurboTax every year and it is very helpful and we processed the tax credit a couple of years ago. It resulted in a refund.

There are situations in which, when applied, the Credit will result in a Refund Check from the IRS. It is a complicated process and does take into account a lot of factors.

What if you have expenses of over $10,000 for the adoption and yet owe less than $10,000 in federal income taxes?

This credit operates by allowing you to subtract credit amounts or adoption expenses from your otherwise owed tax bill, but if these credits bring your taxes owed down to zero and you still have credit remaining, the unused amount can be applied to up to 5 future tax years or until it is all used (which ever comes first)! If you have taxes withheld and owe no taxes as a result of the credit, of course, you will receive a full refund from the IRS up to $10,000.

It comes down to Credits vs Refunds which the IRS has stipulations and procedures for each. So, please make sure you follow the rules and I suggest using a good Tax preparation software package or have a qualified person submit your taxes.

I will say that based on some additional factors we have this year with a failed Match and a successful placement, but which cannot finalize until next fiscal year, we will be seeing a tax professional to ensure we receive the maximum credit available to hopefully recoop some of the lost monies from the failed match and the monies spent with the successful adoption.

The problem I have run into, is that a lot of people don't know the details of the credit very well. I had tax professionals telling me I could not claim a failed adoption. The IRS literature states very clearly that you can, but that if you have a successful adoption (of a different child) in that same calendar year, then you have to treat the 2 scenarios as 1 successful adoption.

The dates of when things happened and are scheduled to happen make the credit filing a bit tricky.

But, for $11,000 it is worth the time spent reviewing it IMO :)

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A friend of mine who adopted from Guatemala also told me that this tax credit wouldn't apply for adopting a full Anglo child. Does anyone else have any insight into this scenario?

Ah, good ol' IRS form 8839. :rolleyes: I've been back and forth to that thing many many times. The instructions of it should help answer questions you might have and there are some good websites out there too to help. What helped me most was pulling out my copy of TurboTax Deluxe and going through the tutorial on the form.

I am no expert on the subject, but do have experience with it. Always best to talk to a tax attorney / accountant for clarification. TURBOTAX did a very good job of processing the credit and providing all the information we needed. It was very helpful because it clarified what could and could not be processed including a Failed Adoption.

It is my understanding that the adoption tax credit has NO stipulations regarding sex/gender/race etc. There are exclusions regarding international adoption (not to mention all kinds of other exclusions or offsets such as employer assistance). If I remember correctly, you cannot claim the credit for a failed international adoption attempt but you can for a failed Domestic adoption. The web quote below confirms that.

Our failed placement in 2005-2006 was a full Anglo female. The credit was applied to our taxes.

Though the only "official" site is the IRS.Gov site, there are some good websites on the topic. For instance, Check out http://tax-credit.adoption.com/

The tax credit applies to domestic and international adoptions, but the procedure is not the same. Credit for expenses for international adoptions can be claimed only after finalization; for domestic adoptions, the credit can be applied even if the adoption does not go through.
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Adam,

Thanks for always being such a wealth of knowledge. This info might even get my stubborn husband to check out the forum. He is ALL about the money issue!

D

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Adam,

Thanks for always being such a wealth of knowledge. This info might even get my stubborn husband to check out the forum. He is ALL about the money issue!

D

Thanks. It's good to know someone finds some of my info helpful. Sometimes I'm full of useless knowledge ;):P

Really though, Happy to help :) I too am very in touch with the financial side of things. While adoption process is worth the expense (knowing that our beautiful Son has come home to us :) ),

it is nonetheless a Very expensive process IMO.

Any avenues to help alleviate some of that financial burden are of great interest to me.

I feel very blessed that the necessary resources came together in time for us to pursue adoption and that everything has worked out.

Signed,

A very blessed Dad :)

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  • 2 weeks later...

I thought I would throw this out to anyone who might want help getting some funds to go toward your adoption.

I spoke with a Home Interior consultant today. Chris and I are going to do a candle fundraiser to help get a little bit of money to go toward our next adoption. We are getting 50% of the money. The candles range from $7-$12.

Even if we only get a few hundred dollars, it is still a few hundred dollars that we don't have to come up with.

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Melissa,

I agree. Any money you don't have to pull from the air is great! :P We had a garage sale and enchilada plate fundraiser. We did get some help from my in-laws at the end, but you know it's all sooooo worth it with Nicole sleeping in the next room. Praying for all those in need right now. Don't give up on your dreams. Parenthood, next to marriage is the best thing I've ever had the blessing of experiencing.

Claudia

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I just received my fundraising packet from Home Interiors. If you are wanting to find some extra funds for adoption, I would encourage you to check it out. We will make 50% profit from everything we sell, can't beat that!

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  • 3 weeks later...
Chase caters to adoptive parents

November 26, 2007: 04:07 PM EST

Nov. 26, 2007 (Thomson Financial delivered by Newstex) --

NEW YORK (AP) - JPMorgan Chase (NYSE:JPM PRH) (NYSE:JPM PRX) (NYSE:JPM PRK) (NYSE:JPM PRJ) (NYSE:JPT) (NYSE:JPM) & Co.'s Chase Bank said Monday it is making it cheaper and easier for couples adopting a child to take out a home equity loan.

Chase Bank will offer a discount rate for adoptive parents looking to borrow money against the value of their homes. Borrowers will be served by lenders available online or over the phone, Chase said.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Hmmm-- something about this doesn't seem to "fit the bill," so to speak. What's wrong with this picture: mortgage your lives to the hilt, and then take JPMorganChase up on their generous offer to enable you to risk your house to pay for an adoption that could potentially leave the baby we place with you homeless if you can't keep up with the interest on those payments for that home equity loan...? :rolleyes:

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