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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

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

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

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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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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