Now Beloved: Adoption: it's more affordable than you think

I attended the Future and a Hope conference this past Saturday, which was excellent. And for a while, I stood by the Caring Family Network table, helping field questions from people interested in foster care and adopting through the foster system. One of the biggest things that drew people to the table was the realization that adopting from the foster care system is so affordable. Now, I am not ranking types of adoption. All the babies and children, worldwide, who are living without families need mothers and fathers.

But, the average cost of adoption (domestic and international) is $30,000. That's the figure given by Adoptive Families in November of 2009. Adopting from Foster Care is often free. If the child/children meet one of the following criteria, the adoption is completely free, though there may be costs involved in preparing your home for a child. 1. If the child is a minority and over the age of two, or caucasian and over the age of six. 2. If the child is a member of a sibling group (all of whom are being adopted). 3. If the child "has a verifiable physical, mental, or emotional handicapping condition, as established by an appropriately qualified professional through a diagnosis that addresses: (a) what the condition is; and (b) that the condition is indeed handicapping." Apparently this is the toughest to document/prove. You can read more about the qualifications and red tape here. If the child/children meet one of these criteria, then they are eligible for:

--Medicaid coverage until age 18
--Reimbursement for adoption expenses (usually lawyer fees) up to $1500
--Monthly subsidy to help with the child's expenses (similar to the foster parent reimbursement, but lower in monetary value)
--Free in-state tuition at any Texas state college/university/vocational training institution

Over and above that, check out the adoption tax credit information below:

The Facts:
? Since 2003, families who adopted a U.S. child with special needs from foster care could claim a federal adoption tax credit even if they had no adoption expenses (as long as they met the fairly generous income requirements).
? Children who receive adoption assistance/subsidy benefits are considered children with special needs. Even families who receive a deferred subsidy ($0 per month but medical coverage through the subsidy program) are eligible.
? All adoptive families (except those who adopted a step-child) are eligible for the credit, but those who adopt children other than those with special needs must have?and be able to document, if requested by the IRS? qualified adoption expenses.
? For 2010 and 2011 the credit was made refundable. If parents who adopted as long ago as 2005 had credit to carry forward into 2010, that amount of the credit also became refundable. In 2010 and 2011, parents can claim the credit even if they don?t have income or any tax liability.
? The amount of the credit for 2011 is $13,360 per child. The Information:
? IRS Form 8839 Instructions
? IRS Form 8839
? IRS ? adoption tax credit FAQ?s
? Voice for Adoption?s distributable postcard
? Tools & Resources from the North American Council on Adoptable Children (NACAC)

Source: http://nowbeloved.blogspot.com/2012/02/adoption-its-more-affordable-than-you.html

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