Adopting a child is a rewarding yet challenging process, often laden with financial hurdles. This webinar, led by Erin Wood, CFP, will cover the various adoption methods, their associated costs, and how to navigate these financial challenges effectively. Erin will share her personal experiences and professional insights to help advisors support clients who are considering or undergoing the adoption process.
Key Topics:
1. Understanding Adoption Costs:
- Foster System Adoption: Learn about the financial aids, such as government programs, tax deductions, and ongoing support available to families adopting through the foster system. Understand the legal complexities and emotional aspects involved.
- Agency Adoption: Explore the costs and processes associated with agency adoptions, including birth mother medical expenses, legal fees, and home evaluations. Understand the financial vetting requirements agencies impose.
- Independent Adoption: Gain insights into attorney-assisted adoptions, where prospective parents work directly with birth mothers and attorneys, navigating the legal process independently.
- International Adoption: Discover the high costs, extensive legal procedures, and unique challenges of adopting a child from another country.
2. Funding Strategies:
- Adoption Tax Credit: Learn about the $16,810 credit available for 2024 and its application across all adoption methods.
- Grants and Loans: Identify resources such as the National Adoption Foundation and Your Adoption Financial Coach for grants and loans tailored to adoption needs.
- Employer Assistance: Understand how employer benefits, including financial assistance and adoption leave, can support adoptive families.
- Borrowing from Retirement Accounts: Discuss the pros and cons of borrowing against 401(k) or other retirement accounts to fund adoption.
By attending this webinar, you will be equipped with the strategies and resources to help your clients overcome financial obstacles and make their adoption dreams a reality.
*CE/CPE Eligible: 1.0 CE credit is available to subscribers with these designations: CFP, CLU, ChFC and RICP. CPA subscribers will earn 1.0 CPE credit.
Field of Study: Specialized Knowledge
Prerequisites: There are no prerequisites for this session.
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
NASBA Approved
Financial Experts Network (Sponsor Id#: 145173) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.