Adoption Q&A #16
|Date||:||August 22, 2008|
|Re||:||Family Law Update|
PAYING FOR AN ADOPTION [PART TWO]
Last month we discussed the Federal Adoption Tax Credit and state tax adoption assistance. There are also entities which specialize in providing adoption assistance. Numerous non-profits have been set up around the country, often by grateful adoptive parents, that have the financial resources to assist others. Two such entities that were founded in Wisconsin are Gift of Adoption Fund (see www.giftofadoption.org) and Family Legacies (see www.familylegacies.us). Both organizations will give grants to needy families in order to allow an adoption to be completed. Gift of Adoption Fund has given over $1 million in grants to benefit more than 500 children. There are other specialty organizations that provide assistance regionally or to Christian parents, for example. Typically grants are not intended to cover 100 percent of adoption expenses, but are made to assist families that have raised funds through other resources. They are often need based.
There are also financial institutions that make loans for the specific purpose of adoption, for example, www.adoptionark.org or www.adoptionloans.com. It is expected that these loans will be paid back. If the child being adopted is a domestic special needs child, there are also adoption assistance payments available from federal resources throughout the state. Such payments may include up to $2,000 as a one-time payment to assist with agency and attorneys' fees. If the child is eligible to receive periodic payments for support as a foster child, such payments may continue after adoption if the child qualifies. In addition, medical assistance benefits may be available. The internet and adoption agencies are good resources for gathering such information