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Potential avenues for financial help for adoptive families

There are many different forms of help a family may wish to seek out when adopting a child. One is legal help. The various steps of the adoption process can be complex and having the guidance of a family law attorney can be of great help when going through these steps.

Another thing a family may want to look into when it comes to an adoption are potential avenues for financial help. The adoption process can be an expensive one. Thankfully, there are some things that an adoptive family may have available to them to help offset the costs of the adoption, thus allowing them to have more resources available to put towards the raising of the new member of their family.

One of these things is a federal tax credit. Generally, families that have adopted a child are able to claim a one-time federal tax credit in relation to adoption-related expenses. It is important to note that there is a cap on this credit, that the ability to have the full credit can be impacted by a family's income and that the credit is non-refundable (meaning it only can be used to reduce a family's tax obligation). Despite these limitations, the tax relief the credit can provide can be helpful and thus this credit is something that families which have recently adopted a child may want to take a look at come tax time.

Another of these things is employer adoption benefits. Some employers have programs in place in which employees that are adopting a child can receive certain benefits, such as cost offsets or paid leave. Thus, if a person is thinking of adopting a child, they should consider inquiring with their employer about whether the employer has such a program, what specific benefits can be received under the program and what the process is for applying for benefits under the program.

Source: MarketWatch, "3 ways to offset the high cost of adoption," Jennifer Openshaw, March 11, 2014

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