Costs

Of adoption are soo high...

im wondering what type of finances anyone considering this would use? Saved money, investment money, loan, etc?

I always thought I would love to adopt and If I couldnt have children, would 100% want to, but for me, the cost might be too much.

I know personally two people who adopted chilcdren, one in the US, one from Russia, Both adoptions were thought to intially be low( less then 10K) and both ended up over 20K( although I do not know anything about the details)

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Dh and I have refinance our house and taken cash out...that way regardless of our decision (adoption or IVF) we will have the mulah for it.

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I made an appt. w/ an adoption lawyer in Nassau County. My SIL used him, as well as a neighbor. He has consultants on Wednesday nights/3hours and it is $500 which goes towards your retainer if you choose to use him. This is for domestic adoptions.

I find the prices to be sky-high. We were considering the Ukraine...But found from the agency website that they are not accepting new applications at the moment.

Also, ladies, do you realize when you go over (international adoptions) to the country--you have to stay between 3-6 wks for the adoption process? I have read so many stories---I swear the research alone is mindboggling!

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I don't know all the rules of the regulation, but you do get some deductions in the tax year that the adoption is finalized for the cost incurred that year. It's around $10,000.

I went and found the link for all of you that are interested...

IRS Link

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Yes, the reductions is great, but it is not all refunded in one year, it is a credit that is spread out until used up.

Also, see if your company provides any reimbursement. My company provides $3,000 contribution and 8 weeks fully paid at 100% leave of absence, and then you can get the 4 weeks w/ no pay.

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The costs are crazy. We are lucky enough to have enough money to save between mine and DH's salary to cover all costs.

There is an adoption credit for $10,000 that you can use the year you finalize the adoption. You can use the credit all in one year as long as you have paid more than $10,000 in federal taxes. If you have not then you can break out the tax credit over 5 years. There is also a cap on the amount of money you can make to get the credit....I think it over $150,000 it is a little less and then over $200,000 you can not use the credit at all. Don't quote me on that though, i might be off on the salary numbers.

Many people I have met through different adoption messaging groups did various things to raise the money, whether it was selling adoption merchandise they created or through their church.

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Message edited 10/22/2005 6:40:46 PM.

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Kathy- I got the chills reading that, and it broke my heart seeing the first pic of her!! PLEASE keep me up to date on trips there, I may not be able to go, but maybe when it becomes time when you go , I can contribute financially or with supplies etc. I would love to do that!!!!

ETA_ I saw all the links and now Im a going with ya!! Im serious...I would love to help!

Message edited 9/27/2005 7:25:08 PM.

Adoption Tax Credit--Increase---info

Possible Tax Increase
HR 1561 was introduced in April, 2005 by Congressman Ford of Tennessee to increase the tax credit to $15,000.00. The proposed Childhood Adoption Act, will increase the adoption tax credit and exclusion that the federal government grants eligible taxpayers for certain expenses paid to adopt an eligible child from $10,000 to $15,000. In addition, the Childhood Adoption Act will make the credit fully refundable in order to make the adoption tax credit more meaningful to people with lower incomes. Please write in support of this bill to:
Robert C. Sepucha, Jr.,
Congressman Harold Ford,
325 Cannon House Office Building,
Washington, D.C. 20515
Tel: 202-225-3265 Fax: 202-225-5663 E-mail: robert.sepucha
@mail.house.gov

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Message edited 10/22/2005 6:40:57 PM.

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Adoption definately isnt cheap!!! I literally contacted EVERY agency in teh US..looked into every country and iits a fortune..there is a taxcredit..but that doesnt cover upfront costs...
Extras to consider is the Homestudy..thats around 1500 or more..then application fees, then whatever the agnecy fees are, the country fees, vias fees, many countries REQUIRE you to travel, others there is still an escort fee and that isnt cheap either.
Its doable, I worked two jobs and paid for it all myself, my husband at the time paid the rent etc and my money covered the adoption of two boys.
My main concern honestly was not the cost, it was the country..many,many countries have so many oprhans because of neglect, because the bio parents had addictions, or were abusive..this scared me because of fetal alcohol syndrome..I wanted to know that my children were cherished and loved..This is just my personal opinion..I counsel abused children and that is enough for me..I love my clients, but I dont want to be doing therapy in my own home for survival. Anyhow..Ive just recently adopted..so if anyone has any questions..PLEASE just ask!

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I just wanted to add that my husband and I are adopting from Ethiopia and while the costs seem high we actually figured out it may be cheaper than my pregnancy and maternity leave was. My husband also inc'd the costs of daycare of a newborn for 1 year since our son will be about a year old when we get him..that means we are "saving" 9 months of daycare and the cost of diapers, the LC etc...
He did this while inc'd the tax credit.

Luckily his company will give us up to $15K back...which we just found out recently.

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congrats Michele

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Michele, Congrats -- what exciting news!