re: Adoption - Financing Rates

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My wife and I have decided that we are going to begin the adoption process here in the near future

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Congratulations.

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30-40k average

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Correct.

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Any insight from those of you who have been through this process would be great

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I have been through the process multiple times. My suggestions from these experiences:

1. I strongly suggest using an agency (volunteers of America, catholic charities, etc) vs a private attorney. Most agencies offer some protection for your money in that if the adoption falls through, whatever expense you have incurred goes towards the next time. Usually with a private adoption if the birth mother changes her mind at any point until the paperwork is final, your money is lost.

2. The tax incentive is a tax credit, which is different than a deduction. I have not had an adoption since the rules were tweaked in 2013 but the credit is a nice offset to the cost.

3. I am not aware of any special financing options for adoptions but a HELOC or similar might offer the best rate and simplest process if available to you.

4. The wait is excruciating, especially for the first child. It gets a little easier the next time. However, despite the process and cost, it is undoubtedly one of the most worthwhile experiences you can undertake.

Best of luck to you.