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	Financial Tip Suggest to your partner that, as a gift to each other, you both attend at least one session with a financial professional.

home › Life Events & Financial Decisions › Major Life Events › Having Children › Foster and Adopted Children

Foster and Adopted Children—The Financial Implications

Private adoptions can cost easily $10,000-20,000 with lawyer's fees.
Take advantage of the federal income tax credit of up to $10,390 (2004 limit) for adoption-related expenses.
According to the IRS, qualifying adoption expenses include reasonable and necessary adoption fees, court costs, legal fees, and travel expenses directly related to a legal adoption of an eligible child.
Contact an attorney and/or your city or county Department of Social Services for information about adoption procedures and licensed adoption agencies. The latter also can provide information about foster care policies and payments.
Investigate employer benefits related to adoption. Some large companies reimburse workers up to a fixed amount (such as $5,000) for adoption expenses. Others grant paid leave to workers who adopt.

Private adoptions can cost easily $10,000-20,000 with lawyer's fees.
Take advantage of the federal income tax credit of up to $10,390 (2004 limit) for adoption-related expenses.
According to the IRS, qualifying adoption expenses include reasonable and necessary adoption fees, court costs, legal fees, and travel expenses directly related to a legal adoption of an eligible child.
Contact an attorney and/or your city or county Department of Social Services for information about adoption procedures and licensed adoption agencies. The latter also can provide information about foster care policies and payments.
Investigate employer benefits related to adoption. Some large companies reimburse workers up to a fixed amount (such as $5,000) for adoption expenses. Others grant paid leave to workers who adopt.

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Life Events & Financial Decisions

Financial Tip

Foster and Adopted Children—The Financial Implications