|
|
![]() |
|
![]() |
Services |
![]() |
|
|
|
|
![]() |
|
![]() |
Adoption
Process |
![]() |
|
![]() |
![]() |
![]() |
![]() |
International Adoption is a very complicated and at
the same time is a very rewarding process. Thousands and thousands
families adopt every year from overseas. Orphans Adoption is proud
to be part of this exciting process and making some ground braking
changes in the way it’s done. Our agency solely focuses on the
family and its needs rather then simply on the paperwork alone like
many other agencies do. We stay close to our families through the
whole process of international adoption from start to very end.
From your fist phone call or email to Orphans Adoption you will be
working with a live person and will be able to talk on the phone
with a live person whenever you needed in order to resolve any
obstacles or confusions (we are not supporting automated phone
services, and if you call us during business hours there always be
a live person answering your phone on the other side with the
greeting from Orphans Adoption).
Learn more
|
|
![]() |
![]() |
![]() |
![]() |
|
|
![]() |
|
![]() |
Adoption
Stories |
![]() |
|
|
|
|
![]() |
 |
|
There are several ways to raise the money to cover at least some of the expenses of adoption. One option is for one (or both) parents to take a second job, with all of the salary from this job going directly into an account to pay for adoption expenses. Of course, this option is more practical in a household currently without children.
Many families have set up small businesses out of their homes to raise money for the adoption. One family set up a business selling teddy bears wearing “I Support Adoption” T-shirts and raised over $10,000. Another family created and sold a cookbook with all their favorite recipes.
If you aren’t up to creating something, hold a raffle. Go to all the businesses in a town and ask for gift certificates for your raffle. Then, get permission from a local business to sell the raffle tickets outside their store – just make sure you pick a store with lots of customers.
If raffles aren’t your thing, try having a garage sale. A few months before we traveled to bring our son home, we did just that. Over a two-day period, we raised enough money to cover the majority of our travel expenses!
Help from Others
While it may be uncomfortable for you to ask your parents for financial assistance, it might be one of the most viable options available for raising quick cash to offset the expense of adoption. Family members with the means may be willing to offer you a no-interest loan (or to give you the money outright). If you do get a loan from a family member, try to make your arrangements in writing to give both sides some peace of mind. And if you’re not comfortable asking for loans from family, ask relatives for gifts for your “baby fund” in lieu of birthday or holiday gifts.
There are many organizations that will let your friends and relatives make tax-deductible donations to your account at an adoption bank or foundation. Consult a financial advisor about whether or not expenses paid with foundation money are also valid expenses for tax credits for the adoption.
One adoption bank option is available from:
His Kids, Too!
PMB # 180, 3491 Thomasville Rd.
Tallahassee, FL 32309
E-mail: Hiskidstoo2@aol.com
http://www.hiskidstoo.org
If you are active in a church or synagogue, they might want to help out financially by holding fund raisers such as bake sales, car washes, or even bowl-a-thons. Talk to your religious leader about your need and he or she may be able to encourage the youth group or other organizations to volunteer their help.
Credits: Excerpted from "International Adoption Guidebook," Mary M. Strickert, © 2004
Financial Resources for Waiting Child Adoptions
Financial assistance often is available to families who adopt waiting children. Check with your child's agency to be sure you understand when each type of assistance is available and what you need to do to be sure the plans stay in effect for your child.
BE SURE to apply for subsidies and receive subsidy agreements in writing before the adoption becomes final! It is preferable to negotiate the subsidy before the child is placed in your home, if at all possible. It is very difficult to obtain assistance after finalization.
Federal Adoption Tax Credit
Adoptive parents may be able to claim a tax credit on their federal income tax return for qualified adoption expenses. This credit can be claimed even if the adoption has not been finalized. The credit is up to $5,000 for each child, or up to $6,000 for a domestic waiting/special needs child. The $5,000 credit also applies to international adoptions after finalization. The tax credit limit is for expenses associated with each adopted child, rather than an annual limit. The tax credit is progressively phased out for high-income families. The phase-out starts for families with adjusted gross income (AGI) of $75,000 or higher in the year they adopt, and is phased out entirely once their AGI reaches $115,000. NOTE: The information in this section reflects laws as of 1997.
Dependency Exemption
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.
Employee Benefits Programs
Roughly a quarter of the nation's employers offer some form of adoption benefits to their employees, according to a 1995 study. Benefits, typically available only to the company's "regular" employees, may include:
- Direct reimbursement in the range of $2,000 t0 $10,000 upon actual placement (usually a flat amount designated for specific adoption expenses)
- Paid leave, in addition to or including vacation time, sick leave, or personal days
- Unpaid leave (personal, hardship, medical, or childcare)
- Medical expenses of the birth mother
- Adoption seminars and information classes, as well as counseling and support before and after placement
Even if your employer doesn't currently offer adoption benefits, ask about their availability. You may be able to persuade your company to begin offering them. Also, find out if your employer offers an Employee Assistance Program (EAP). This benefit was designed to help employees deal with dramatic personal situations or problems. Talking with an EAP counselor could help reduce the stress and anxiety that is so often a part of the adoption process.
Federal Family and Medical Leave Act
Unpaid leave under the Federal Family and Medical Leave Act also is an option. This act allows individuals to take up to 12 weeks off, unpaid but with benefits, without jeopardizing employment. The leave is not exclusively an adoption benefit since it is available for anyone who works for a company with 50 or more employees. However, it can provide valuable time for a newly adoptive family.
Military Subsidies
The military will reimburse active-duty personnel for most one-time adoption costs up to $2,000 per child, whether adopting a healthy infant, a waiting child, or a child from abroad. Travel costs, foreign or domestic, are not covered. There is a maximum of $5,000 in a given year, even if both parents are in the military. Reimbursement is made only after the adoption is finalized and only if the adoption was done through a state adoption agency or a non-profit private agency. Fees that can be reimbursed include adoption fees; placement fees, including fees for birth parent counseling; legal fees and court costs; and medical expenses, including hospital expenses of the biological mother and her newborn infant.
A disabled adopted child also may be eligible for up to $1,000 a month on assistance under the military's Program for Persons with Disabilities. Furthermore, the military's Exceptional Family Member Program is designed to ensure that the adoptive families of children with special needs are assigned to duty stations where the child's needs can be met.
NOTE: Independent adoptions or adoptions done through a for-profit adoption agency do not qualify for military reimbursements. (For more information about adoption for military families, call the Adoption Exchange Association at 1- (303) 333-0845.
Sliding-Scale Fees
Some private adoption agencies offer reduced fees based on your income. In the case of a waiting child, most offer sliding-scale fees and some require no fees. When considering an adoption agency, ask if they offer the benefit of sliding-scale fees.
Taxes on Adoption Assistance
Adoption assistance is exempt from taxation. Like child support that a custodial parent receives from a divorced spouse, adoption assistance is not considered as income. However, the level or amount of assistance may affect whether the child can be claimed as a dependent and be listed as an exemption on your income taxes.
Up to $5,000 in employer-provided adoption benefits (up to $6,000 for special needs adoptions) per child may be excluded from your income. You may claim both a tax credit and an exclusion in connection with the adoption of an eligible child, but may not claim the same expenses twice. As with the tax credit, tax-free adoption benefits are gradually phased out once family income rises above $75,000.
Loans
While it's far from ideal to borrow money for an adoption, adoptive families may find a loan necessary to cover the large and immediate expenses. In some cases, you may be able to pay the loan back quickly once you receive a tax credit or are reimbursed by your employer or the military. Possible loan sources include:
- HOME EQUITY LOANS - Interest rates often are reasonable and the interest is tax deductible. Just remember, you're putting your home at risk.
- INSURANCE - You may be able to borrow from the cash value of your life insurance policy.
- LOW-INTEREST LOANS - Some banks offer low-interest loans or credit lines for adoptive parents.
- PRIVATE GRANT AND SPECIAL LOAN PROGRAMS - Adoption loans, both home equity and unsecured, may be obtained through the National Adoption Foundation. They also award grants to needy adoptive parents.
- RELIGIOUS ORGANIZATIONS
- RELATIVES
|
Choose Country
