Families who finalize the adoption of a child with SPECIAL NEEDS in 2015 can claim the full credit of $13,400 on the line that asks for expenses—whether or not they had any expenses.
Hundreds of employers of every size and industry offer adoption benefits for employees. We congratulate these organizations for their commitment to families and children. Check with your human resource office. You may be pleasantly surprised.
Borrow from your 401-k – Many 401-k plans now offer loans from your retirement savings. This is usually a very-low interest rate. Many people are able to fund their entire adoption from this one loan. Talk to your employer to see if this is an option for you.
There is a one-time subsidy program available for full-time military personnel. Currently adopting couples and singles can receive up to $2000 per child per year with a $5000 cap per member. Many military personnel are unaware of this program.
Benefits are paid after an adoption is finalized, and apply to both singles and couples.
LOANS AND SECOND MORTGAGES
Refinancing your house/home equity loan – If you own your house (part of it, anyway) you may be eligible for a home equity loan, or you may be able to refinance your mortgage. This is typically the lowest-rate loan from your bank. Quite often, the interest is tax-deductible! Also, most banks offer a home equity line-of-credit. You will be given a checkbook you can use to pay expenses as they arise. The check you write will be added to your current loan balance. Ask your bank for details. Rates are usually low and the interest tax exempt.
Other Sources for Adoption Loans or Grants: The table below highlights just a few of the organizations eager to work with families to help with adoption finances. Click on the logos to review each organization’s benefits and requirements. You can find other adoption financial resources by searching for Adoption Grants, Adoption Funding, etc. on the web.