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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
Fax: 909-593-6120
Email: meaglia@earthlink.net
Website: www.meagliafinancialconsulting.com
March/April 2021
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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