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Tom Meaglia, ChFC®

Chartered Financial Consultant

AEP®, CLU®, MSFS

Investment Advisor Representative

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

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Email: meaglia@earthlink.net

Website: www.meagliafinancialconsulting.com

March/April 2021

Adoption: Understand the Costs

Adoption Understand the Costs

Adopting a child can be a joyful event – and an expensive one. If you’re considering adoption, it’s important to know the costs so you can plan and budget for them.


Costs to Consider
Adoption costs can range from $15,000 to $50,000. Agencies typically have a set fee schedule for their services. You’ll also pay the costs of fingerprinting, background checks, doctor physicals and financial reports, as well as any travel costs you incur.


You’ll also need to pay for a home study completed by a licensed agency, and you could be responsible for paying expenses and counseling for the birth mother.


Another option to consider is adopting through foster care, which typically costs much less.


The Tax Benefits
You may qualify for a tax credit of up to $14,440 per child for qualified adoption expenses, as well as an exclusion from income for employer-provided adoption assistance.


Adoption of a child with special needs qualifies for the full tax credit regardless of expenses incurred. Adoption of a stepchild does not qualify unless the child is under age 18 and unable to care for himself or herself. You must meet income limits and other requirements to receive the tax credit, so consult your tax professional.


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