Employee Adoption Assistance Benefit Programs Many employers will help with costs by reimbursing adoption expenses with a cash benefit up to several thousand dollars. If your employer does not offer this benefit, call Adoption and the Workplace at the National Adoption Center (800-862-3678) for materials to guide you in requesting adoption assistance from your employer. Subsidies for Military Families The US Armed Forces offer up to $2,000 in financial assistance to active members of the military who are adopting one child or $5,000 for siblings. This is a reimbursement program. Eligible personnel should complete DD Form 2673 (Reimbursement For Adoption Expenses). See Defense Finances and Accounting Service Instruction 1341. Donations from Churches and Community Groups Some families have received financial help towards their adoption expenses from their church or other civic organizations in their local area. 401K Programs Borrow from your 401K or your life insurance policy and pay yourself interest! Banks Check with your local bank branch to see what they can offer you. Most banks give home equity loans for adoptions or Equity lines of credit with the interest qualifying for tax deduction. Check with your tax accountant to see if you qualify. MBNA offers unsecured loans specifically designed for adoptive parents. They may be contacted at 888-627-8767. Foundations JSW Adoption Foundation is a private foundation established to assist the potential adoptive parents by providing cash grants to subsidize a portion of the adoption expenses. Grants are awarded from $2,000 and up. Preference is given to childless applicants and those who are experiencing extraordinary hardship and financial need. For further information, contact the JSW Adoption Foundation at 127 East Main Street, Suite 5, Port Washington WI 53074. They may be reached by phone at 262-268-1386 or visit their webiste at www.jsw-adoption.org. National Adoption Foundation, (www.nafadopt.org/NAFPrograms.htm) is the country's only national nonprofit organization dedicated to providing financial support, information and services for adoptive and prospective adoptive families. They have recently expanded their programs to include home equity loans, as well as unsecured loans and grants for adoption expenses. There is also a limited grant program. For information or to request a brochure, call 203-791-3811 or write National Adoption Foundation, 100 Mill Plain Road, Danburg CT 06811. Fax - 203-791-3801. Creative Financial Ideas: Family Loans: Call your parents, brothers and sisters. They may have a little extra cash laying around to help you. The pay back will not only be your beautiful new child, but they are gaining a new grandchild, niece or nephew and contributing to your joy! You can pay them back as you are more able later on. Garage Sales: Get all the stuff you don't want or never use and sell it. You'll need to make room for the new addition anyway. Best to start with a clean house and get rid of the clutter. You may think a garage sale would only bring a small amount of the money you will need, but a couple hundred bucks will pay for your child's medical exam and things like that. Laundry Money: All that change and crinkled up dollar bills that get tossed in the hamper (they say they claned out their pockets) can go into a child's fund. Or clean under the cushions of the sofa or car seats and put all this money in the ADOPTION FUND! Fund-raising Activities Golf tournaments car wash TV, newspaper stories Raffles Neighborhood yard sales School projects Bake sales Collections at local grocery stores Collections through job The National Endowment for Financial Education publishes a comprehensive booklet, "How to Make Adoption an Affordable Option" which can be ordered free of charge by calling 719-948-4000 and asking for item #602-E. This booklet can also be downloaded from the Internet at www.nefe.org. Subsides In most states some adoption funding is available. Check the following link for more details, www.nacac.org. |
How To Finance Your Adoption |
Employee Adoption Assistance Benefit Programs Many employers will help with costs by reimbursing adoption expenses with a cash benefit up to several thousand dollars. If your employer does not offer this benefit, call Adoption and the Workplace at the National Adoption Center (800-862-3678) for materials to guide you in requesting adoption assistance from your employer. Subsidies for Military Families The US Armed Forces offer up to $2,000 in financial assistance to active members of the military who are adopting one child or $5,000 for siblings. This is a reimbursement program. Eligible personnel should complete DD Form 2673 (Reimbursement For Adoption Expenses). See Defense Finances and Accounting Service Instruction 1341. Donations from Churches and Community Groups Some families have received financial help towards their adoption expenses from their church or other civic organizations in their local area. 401K Programs Borrow from your 401K or your life insurance policy and pay yourself interest! Banks Check with your local bank branch to see what they can offer you. Most banks give home equity loans for adoptions or Equity lines of credit with the interest qualifying for tax deduction. Check with your tax accountant to see if you qualify. MBNA offers unsecured loans specifically designed for adoptive parents. They may be contacted at 888-627-8767. Foundations JSW Adoption Foundation is a private foundation established to assist the potential adoptive parents by providing cash grants to subsidize a portion of the adoption expenses. Grants are awarded from $2,000 and up. Preference is given to childless applicants and those who are experiencing extraordinary hardship and financial need. For further information, contact the JSW Adoption Foundation at 127 East Main Street, Suite 5, Port Washington WI 53074. They may be reached by phone at 262-268-1386 or visit their webiste at www.jsw-adoption.org. National Adoption Foundation, (www.nafadopt.org/NAFPrograms.htm) is the country's only national nonprofit organization dedicated to providing financial support, information and services for adoptive and prospective adoptive families. They have recently expanded their programs to include home equity loans, as well as unsecured loans and grants for adoption expenses. There is also a limited grant program. For information or to request a brochure, call 203-791-3811 or write National Adoption Foundation, 100 Mill Plain Road, Danburg CT 06811. Fax - 203-791-3801. Creative Financial Ideas: Family Loans: Call your parents, brothers and sisters. They may have a little extra cash laying around to help you. The pay back will not only be your beautiful new child, but they are gaining a new grandchild, niece or nephew and contributing to your joy! You can pay them back as you are more able later on. Garage Sales: Get all the stuff you don't want or never use and sell it. You'll need to make room for the new addition anyway. Best to start with a clean house and get rid of the clutter. You may think a garage sale would only bring a small amount of the money you will need, but a couple hundred bucks will pay for your child's medical exam and things like that. Laundry Money: All that change and crinkled up dollar bills that get tossed in the hamper (they say they claned out their pockets) can go into a child's fund. Or clean under the cushions of the sofa or car seats and put all this money in the ADOPTION FUND! Fund-raising Activities Golf tournaments car wash TV, newspaper stories Raffles Neighborhood yard sales School projects Bake sales Collections at local grocery stores Collections through job The National Endowment for Financial Education publishes a comprehensive booklet, "How to Make Adoption an Affordable Option" which can be ordered free of charge by calling 719-948-4000 and asking for item #602-E. This booklet can also be downloaded from the Internet at www.nefe.org. Subsides In most states some adoption funding is available. Check the following link for more details, www.nacac.org. |
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REMINDER...Adoption Tax Credit We are happy to announce the adoption tax credit increase is now in effect. As of January 1, 2002 the Hope for Children Act (signed into law on June 7, 2001) increased the adoption tax credit from $5000 to $10,000. The tax credit is up to $10,000 per adopted child, or the amount of qualified adoption expenses paid by the adopter, whichever is lower. Parents can claim the credit on their federal tax return for the year in which the adoption becomes final. The credit is a dollar-for-dollar reduction in tax liability. Families making $150,000 a year or less (adjusted gross income) qualify for the full credit. The credit is phased out gradually for families making over $150,000 in adjusted gross income. If a family cannot use the full credit in a particular tax year because of their tax liability being less than $10,000, they can carry forward unused portions for up to five (5) additional years. For more information on this important legislation, please contact your tax accountant. Financial Aid International adoption is not inexpensive. Our fees are based on our US and foreign expenses to include our employed staff foreign countries. Our overseas staff are an invaluable asset to us and you. They work diligent in facilitating the necessary documentation to assist our families with being united with their precious children. Additionally, it is vital that our fees allow us to assist foreign orphanages with necessities such as food, clothing, medicine and educational equipment for many children who wait for families and for those who, unfortunately, are labeled "unacceptable" for adoption and remain in the orphanages until adulthood. Therefore, below are a few resources than can help one in financing an adoption. |
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