It is no secret that most adoptions are quite expensive. When people choose foreign or International adoption, the financial obligations can be quite substantial. For many prospective adoptive parents, coming up with adequate funds to finance their adoption may be difficult. It may require emptying savings accounts, taking out a second mortgage on their home, a personal loan, etc. However, when individuals are given the opportunity to adopt a child, they are willing to do just about anything to insure the adoption is a success. Coming up with the finances to cover the cost of an adoption may be difficult. Repaying any borrowed money may be even more difficult especially considering there will be a child to care for.
There is good news for adoptive parents. In North America the government offers financial help for adoption through adoption tax credits. There are tax benefits for adoption offered in the US. Many states offer extensive tax credits for adoption. To learn more about government financial help for adoption in the US, prospective adoptive parents should contact their state Division of Family Services, State Tax Office or a legal and/or tax professional. Individuals in each of these groups will be capable of providing detailed information about any tax benefits or government financial help for adoption.
The United States has various programs in place regarding assistance programs for adoption. Some corporations offer adoption assistance programs. There is assistance provided to military personnel who adopt. The Federal Government in the US provides a one-time State Reimbursement to help with agency fees, legal costs and transportation for people who adopt. This financial help will differ from state to state depending on the cost of adoption. It’s actually unfortunate that some prospective adoptive parents are not aware of government financial help for adoption and other adoption assistance programs. To learn more about each of these programs, potential adoptive parents should contact related personnel. They can also use the Internet as a tool for information on these adoption assistance programs.
North American Council on Adoptable Children (NACAC) is an association which provides services to both the US and Canada. NACAC has set up the Adoption Subsidy Resource Center to educate parents and professionals on the financial subsidies available for adoptive families. There is government financial help for adoption available in Canada. For more information on the criteria for financial help for adoption visit the Internet web site – http://www.nacac.org/subsidy_provincialprofiles.html. This web site is equipped to provide prospective adoptive parents with information regarding financial help according to province.
For people who choose adoption, it certainly helps to realize there is government financial help for adoption. In the case of special needs adoption, the government is very helpful financially. Any financial assistance offered adoptive parents is an asset since the cost of adoption can be very expensive. Knowing there is financial help available may relieve some of the stress experienced by prospective adoptive parents. Adopting a child is a very special time in the lives of the adoptive parents. Eliminating any amount of stress and worry is a comfort. Government financial help for adoption is comforting.