2.
Many States offer extensive tax credits –
up to $10,000.
To find out about your state tax credits, try the web using the address:
http://www.state.yourstate.us, for example:
http://www.state.mo.us Contact your state Division of Family Services and State Tax Office to
ask about your state’s tax credits for
adoption or to find out if you
qualify for any special state subsidy programs.
A
Checklist on Title IV-E Adoption Assistance and State Adoption Subsidies for
Adoptive Parents
3.
Corporate Matching Gifts.
There are many corporations that have adoption assistance programs
(AAPs).
Click on 'resources' on the header above. Check with your employer’s human resource department to see if they have an
AAP or other
adoption assistance benefits. On the web, check out
http://adopting.org/employer.html
,
http://www.adoptionbenefits.com/
or
http://abanet.org/family/advocate/sp97tax.html
for very important details.
4.
Military, Nonrecurring Program.
There is a one-time subsidy program available for full-time military
personnel. Currently
adoption couples or singles can receive up to $2000 per
child or $5000 maximum for siblings.
Many military personnel do not know this is available to them.
Military families are entitled to
adoption benefits of
up to $2,000 a year for reasonable and necessary expenses associated with
adoptions finalized after October 1, 1990, whether they are infant
adoption, intercountry
adoption, or
adoptions of children with special
needs. The benefits cover the following:
-
Public and private
adoption fees charged by an agency
in a foreign country;
-
Placement fees, including fees charged to adoptive
families for counseling;
-
Legal fees, including court costs, in connection with
services that are unavailable to military personnel through their legal
assistance office;
-
Medical and hospital expenses of a newborn; and
-
Medical expenses incurred by a birthmother.
-
Benefits are paid after an adoption is finalized, and
apply to both singles and couples.
-
http://www.militaryadoption.com/
5. Nonrecurring Federal Adoption Program
This is a one-time federal adoption program, administered by the states,
and includes foreign-born children adopted by U.S. Citizens.
State Reimbursement A reimbursement for non-recurring adoption
expenses (agency fees, legal costs, and transportation) is available through
each State for families who adopt children with special needs (children from
minority cultures). Half of the expenses are paid through State funds, the
other half through federal funds up to $2,000. The benefit differs by State
depending on the cost of the adoptions, State rules, and public awareness.
Reimbursement
for Non-Recurring Expenses
6.
Dependency Exemption - Tax Savings
Adoptive parents may take the same dependency exemption on their income
taxes for their adopted children, and children placed with them for adoption
but not yet finalized, as they would for their biological children. The
exemption reduces their taxable income. The amount of the dependent
exemption is adjusted annually to reflect the cost of living. The main point
to remember is that families must provide more than half of their children's
support to list them as exemptions. Some adopted children come with
subsidies, which may provide more than half of their support. For example,
if a child receives $5,000 a year in subsidies, the adoptive family must
provide $5,001 or more a year to claim the child as an exemption.
Click here to check
out:
Dependency
Exemption
7.
Loans and Second Mortgages.
Refinance your house/Home equity loan - If you
own your house (part of it, anyway :-) you may be eligible for a home equity
loan, or you may be able to refinance your mortgage. This is typically the
lowest-rate loan at a bank. Quite often, the interest is tax-deductible! Also,
most banks offer a home equity line-of-credit. You will be given a checkbook
you can use to pay expenses as they arise. The check you write will be added
to your current loan balance. Ask your bank for details.
Rates are usually low and interest tax exempt. If you like you
might try: Laura@amcmort.com
Borrow from your 401-k -
Many 401-k plans now offer loans from your retirement savings.
This is usually a very-low interest
rate. Many people are able to fund their entire adoptions
from this one loan. Talk to your employer to see if this is an option for you.
Other Sources for Adoption Loans or
Grants:
http://www.chinacare.org
Watch this space for information on
other loans Children's Hope International can help you to work out!
Or
e-mail: Melody@ChildrensHopeint.org
8.
Dependency Exemption on Taxes
9.
Suggestions from the National Endowment For Financial
Education
Visit the site:
www.nefe.org for
detailed information.
10.
Look at the top of this page and click on
resources.
11. For excellent overall
information!! go to:
http://www.adoptionfinancing.com/
Other Link:
Children’s Hope Adoption Grants
http://www.chifoundation.org/USA.htm
We can help you fulfill your dream
Children's Hope International had its roots in 1982 as an
international education institute which gave assistance in adoption
to its members. In 1992 we were organized as Children's Hope
International / China's Children. Because we were one of the first
agencies to begin adoptions in China, we were often known in the
beginning as China's Children.
RESPECTED AND EXPERIENCED:
Of the approximately 800 placements we make each year, about half
are in China and the rest are divided in Russia, Colombia Guatemala,
India and Vietnam. This wide variety of adoption programs helps
ensure that adoptive families will be able to adopt successfully.
LICENSED AND ACCREDITED:
We are a full service, licensed, not-for-profit adoption and
humanitarian agency, accredited by the COA and well organized in
each country where we assist families in adopting. Our work is based
on relationships that have been established for many years
throughout the world. We are accredited by the Council on
Accreditation which is the highest level possible for a placement
agency. Children's Hope International was one of the first agencies
to receive Accreditation by the Russian Ministry of Education to
legally place children from that country.
REGIONAL OFFICES THROUGHOUT THE U.S:
The CHI home office is in St. Louis, Missouri with 16 Regional
Offices in Atlanta, Seattle, Portland, Phoenix, Kansas City,
Chicago, Dallas, Nashville, New York, Florida, California, Ohio, and
New England.
INTERNATIONAL OFFICES:
We also have international offices in Beijing and Guangzhou, China;
Moscow [plus eight (8) other regions in Russia], and Ho Chi Minh
(Saigon). We have representatives in Colombia. We understand the
importance of having well trained, caring and bi-lingual staff in
each country who will assist in processing the paperwork and
especially, to meet and accompany the adoptive families the entire
time they are in the country. We recognize the need and the
complexity of adopting internationally. Our programs include
bi-lingual staff that understands the legalities and nuances of the
culture with a link to problems and procedure in the U.S. The staff
has been chosen because of their competence and caring. They are
people of integrity and trust!
We invite you to call
Toll Free: 888-899-2349
with your " How to Adopt " questions
China Adoption
China Adoption - No agency is trusted more for China Adoption.
Children's Hope International
has done China adoption for more than 15 years. China adoption
officially began in 1992 but as China's Children we were active with
Chinese child adoption for foreign families living in China in the
1980's. We hope you will contact us about how we can help you find
the joy of a child in your life. Our China adoption program has
helped thousands of families like you.
Russia Adoption
- Children's Hope International is an accredited child adoption
agency for Russian adoption. You will want that assurance in your
adoption. Russia adoption authorities have accredited
a limited number of international adoption agencies to legally do
Russian adoptions. If you are contemplating a Russian adoption, we
hope you will contact us for further Russian adoption information.
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updateD:
04/17/2007
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2005
Children's Hope International.
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