Financial Assistance for Frost International Adoptions

Financial Assistance Many people with the desire for a family may believe that they are unable to adopt due to financial constraints. There are many creative methods for financing an adoption. Below is a list of financial options. Federal Tax Credit The IRS webpage should be visited for Current IRS Tax Benefits for Adoption. Effective January 2002, you may receive up to a $10,000 credit per child for qualified adoption expenses paid. When adopting, you are also increasing you dependents. This allows you to increase the number of dependency exemptions on your tax return, which reduces your taxable income. You may increase this exemption if you provided more than one half of the child’s support for that year. Contact your tax accountant for further information. State Programs Tax Credit – Many any states offer tax credits or income tax deduction which helps offset the adoption costs. Contact your State Department of Family Services, your State Tax Office, or your tax accountant to learn more about each state’s program. State Subsidy – Some states offer up to $2000 per child provided the child meets the state criteria. Visit NACAC Overview of State Subsidies for Adoption for additional information for specific state programs. Employer Adoption Benefits Many employers offer financial adoption benefits. You may also qualify for time off under the Federal Family and Medical Leave Act (FMLA). Contact your company’s Human Resources to determine in which programs your company participates. Military Nonrecurring Subsidy Adopting families or single parents can receive up to $2000 per child or $5000 maximum for siblings. This is a one-time subsidy available to full and part time military personnel. Visit www.militaryadoption.com for additional information. Loans You may qualify for a bank loan or line of credit to help with adoption expenses. Visit your local bank determine available program, contact the National Adoption Foundation, or call (800) 626-2760 to learn about unsecured loans, or (800) 841-1982 for information about secured loans. 401(k) If your company participates, you are often able to obtain a loan from your 401(k) plan. Each 401(k) plan is different, so verify your plan’s guidelines to determine if you qualify for this. Contact your employer and your tax accountant to learn the specifics of this option. Home Equity Loan or Line of Credit A home equity loan or line of credit may be one of the most advantageous methods of affording adoption costs in that the interest is often tax deductible. If you own your home, you may be eligible for a home equity loan or line of credit on your home. Contact your financial institution to learn about the programs offered. Credit Cards Many credit card companies make offers for low interest cards to help with adoption expenses. The National Adoption Foundation works with MBNA to offer an adoption credit card. Adoption Grants Many adoption grants are currently available. The National Adoption Foundation has grants available. Apply at National Adoption Foundation or call (203) 791- 3811. Family members While borrowing money from family members may seem uncomfortable, it may be a truly viable solution. Often family members who have the means to help are unaware of the financial need. You can sometimes obtain a very “low-interest” or even “no-interest” loan from a family member to help with adoption expenses. Fundraising There are many avenues to raise money to help with adoption related expenses. Bake sales, raffles, car washes, yard sales are but a few methods of raising money. You can also contact Anna Bears Adoption Fundraising to learn more about their fundraising opportunity. Donations Many church groups and community groups will help with adoption expenses through financial donation and also, by supplies for the orphanages. If you currently have children in daycare, many are very willing to help with financial and orphanage donations as well. This also helps offset the costs of the adoption. Showers While this may not help with the initial costs associated with adopting, it can certainly help with meeting the material needs when you are back home with your child. “Diaper and Formula” showers are great and can meet these needs for quite awhile. If your child is older, you may need socks and underwear, or any clothing. If someone is having a shower for you and your child, let him or her know exactly what’s needed. Most people are very happy to help and it makes the gift shopping experience much easier! This list is just a beginning for ideas to finance an adoption. While we haven’t thought of everything, we certainly hope that the above list will help potential adoptive parent(s) realize that international adoption is a viable option when adding to a family. Banner Photos of Children Adopted from Various Countries

Banner Photos of Children Adopted from Various Countries

Baby Photo of Child Adopted from Kazakhstan

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