As the New Year becomes a reality, those adopting should consider some specific financial planning for the wonderful event. Whether you are just starting or have been waiting for some time, now is an excellent time to meet with your accountant to take advantages of adoption tax incentives, meet with your company and see if they will offer some help in the adoption process, meet with your insurance, to see what steps need to be taken to ensure your child has the health care she needs, and have a family planning session to study strategic ways to gather the needed adoption costs. Your accountant will help you set up an account so the money you get for the adoption will not be considered as income on your taxes.
In your family financial planning meeting, you might want to consider ways to bring in extra money to add to your adoption cost pile. One idea is to begin planning a non-profit event where folks from all over the city can help. Another idea would be to send out money requests to some of your family, neighbors and workers to help you with the costs by donation. Garage sales, product sales, concerts, eBay selling, and other ideas can help add to your funds. Make sure you follow your accountant’s guidelines carefully in whatever type of fundraising you do. Here’s wishing you a wonderfully prosperous new year of funds for your adoption.