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Hi,
Good subject.....
My husband and I were just talking over the idea of starting the process for the second baby now. This way we can use some of the paperwok from the dossier and save a few bucks at the same time. Like finger prints, forms back and forth add up. I am not comfortable asking family or friends for help...I would feel funny, not with something this personal. Maybe if I needed a new washer or something but not to help pay for my child. But that is just me.....don't take offence to that, some people are very comfortable asking others for help with money. Anyway we thought about how we would get the second bank roll of money for the adoption. My husband suggested we either take out his 401k ( I don't want to use this money) or a re- do our (almost done) home equity loan. Now this being said we also figured we would not need the full 20 thousand because my CPA told us last year that we would get back Ten Thousand (adoption tax credit) at the next years income tax , so we would re-apply that money to the second adoption. Now if it works for us on our second it should work for your first adoption....... you can borrow from the bank, credit card ...with the knowledge that when you get your income tax back you will pay off your loan with that money...making your loan less or for a shorter period of time then what you thought. So if you were to use a credit card, say for the first 6 months at a lower interest rate, you time it so you will have your income tax back around the time your lower rate ends or close to it so you are not having a big dept for a long period of time. But check with you CPA, I would not use those ones that come out once a year.....I like mine because he is there all year round. But good luck to you, hope this helped a bit. Remember check with your CPA, he should also help you figure out the time line.....so your not paying too much for too long.
Take care...........CeeCee
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