As you become informed about the adoption process, you should  also learn about the various types of financial assistance that may be available to you.  It's in your best interest to pursue all credits, benefits, subsidies, and other sources that are available to you

Federal Adoption Expense Tax Credit

This credit provides a maximum credit of $10,630.00 applied to your annual Federal income tax.  The credit begins to fade out at $150,000.00 of modified adjusted gross income.  Families adopting children with special needs take a $10,000.00 credit regardless of their actual expenses.

For more information go to www.irs.gov  and request publication 607.

Adoption Subsidies

 Children with special needs may qualify for an adoption subsidy to help the adoptive parents with funds to pay for their care. These agreements must be negotiated and contained in a court order to ensure the payment. Make sure to tell the attorney who is finalizing your adoption that you have applied for a subsidy and include this agreement in your final judgment of adoption to ensure proper continued payment of the subsidy and benefits due to the child.

Employee Benefits

Many families are unaware that their employers may have benefits that can be applied for, including parental leave and reimbursement of all or a portion of adoption expenses.  Go to www.adoption.com  and click on "Adoption Benefits" for a list of employers who provide such benefits. If you do not find your employer on this list, apply just the same. Many small employers would consider such a benefit if requested.

Health Insurance

If you have existing coverage in Florida, an adopted child is covered from birth so long as an agreement to adopt has been signed prior to the day services are desired.