Congratulations! You’ve been matched. Odds are that, as waiting adoptive parents, you’re looking for ways to pay for adoption, or you have already paid or incurred agency fees. Now you will have more expenses, which may include birth parent expenses, agency fees, attorney fees and travel expenses. Even though this is the happiest and most significant event in your life, adoptive parents have the same responsibility as other parents to be good stewards of their families’ finances.
Many adoptive parents spend years saving for their dream. Others use their tax refunds or borrow from their loved ones. Earlier this tax season, we reminded everyone about the Adoption Tax Credit, a dollar for dollar federal credit worth up to $13,570 for 2017. [link]
Adoption of Wisconsin’s owner, Attorney Lynn Bodi, recently shared some other resources with us.
Lynn is proud to be a 20-year Fellow of the Academy of Adoption and Assisted Reproduction Attorneys (AAAA). In honor of its 25th anniversary, the AAAA created the Family Formation Charitable Trust to help build families through adoption and assisted reproductive technology. More information and applications for grants can be found at: http://www.adoptionattorneys.org/aaaa/charitable-trust.