subject: Varied Types Of Financial Aid For Adoptive Parents [print this page] When a couple decides they want to adopt a child, they commonly find that this can be an expensive process. Fortunately, there are different types of financial aid for adoptive parents that can help to cover some of those costs and make their dream of adopting a child become a reality. When deciding to adopt, one of the first things to do is check out all available resources. Some financial aid for adoptive parents may vary by state, but there are programs available in every state in the US. Many of those are federally funded. These are some of the most common resources available for people who want to adopt.
One way that financial aid for adoptive parents can be received is through tax credits. A total amount of $12,150 can be counted as an adoption expense and can be reimbursed to them when their taxes are filed. This is something that needs to be discussed with a tax advisor to determine which expenses can be claimed.
Financial aid for adoptive parents can also be obtained for those who serve in the military. If an adoption is through a state approved agency a payment of $2,000 per single adoption and $5,000 for more than one child is paid to an active duty member of the military. If both parents are in the military, this amount is doubled. This payment is applied once the adoption is final and the parents are reimbursed for their expenses up to the amount above. For those in the military who have adopted a special needs child, there is a program for Persons with Disabilities that pays up to $1,000 a month for the continued care of the child.
Some agencies even offer grants or loans to help cover some of the costs for adoptive parents. While a grant most likely will not cover all of the costs, it can decrease the amount somewhat. Another notable aspect about grants is that they do not have to be paid back. Adoption loans are also available at some agencies with a low interest payback amount. These loans can be more affordable than getting a standard loan at a regular bank or financial institution. The tax credit amount may also be used for repayment of some or all of an adoption loan.
Anyone considering adoption needs to consider the cost. However, there are a variety of resources available that can make it more affordable than one might expect.
by: Christine Harrell
welcome to Insurances.net (https://www.insurances.net)
