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Financing Adoption
Author: Stef Daniel
Adoption is expensive; there is no doubt about it. Most parents choosing to adopt cannot put a price tag on the beautiful experience of having a child to call their own and are willing to go the extra mile and pay for the adoptive procedures. Still, having the money to adopt can be the one thing that stands between you and your child. Luckily, there are many things that can help you. Firstly, understand that the average adoption costs between $15,000 and $25,000. If you choose to adopt through the foster parent route, costs are significantly less, but adoption can sometimes cost upwards of $40,000. Before you begin, make sure you are familiar with fee schedules and that you contact reputable agencies. These agencies will also have a wealth of information about adoption loans, tax credits, and grants that parents like you can apply for.
For most families, much of the costs of adopting a child can be recouped after the initial expense is incurred. In 2010, the government allowed a tax credit of $13,170 for families that adopted a child. Additionally, if you look at your employer benefits package you may find that there are credits and benefits you can make use of to make adoption more affordable.
Most parents apply for loans and then use the benefits and tax credits to pay them back once you have the child. You can also borrow against your 401K, tap into savings, or take second mortgages out in order to help. For many families however, they haven’t had the time to build up many assets and must finance the entire costs of adoption. Again, before just taking out a loan, make sure that you do your research and find loans specifically designed for adoptive parents. There are many adoption loan programs that offer low or even no interest.
If you can apply for a no interest credit card, you could also charge the costs of adoption and then use your tax credits and benefits to pay it back before the interest kicks in. This can be a tricky way to pay for adoption, and you must be diligent about doing it wisely.
Some families are more creative and not only start saving money at home as much as possible, but also engage in fund raising activities. You would be surprised how selling some family heirlooms and opening up things like rummage sales, car washes, and bake sales can quickly help you to cover the costs incurred of adoption. Often, the community will be more than willing to help you because they believe in your cause. Family members too can be a big help. Many parents and in-laws would eagerly help you by giving you a family inheritance a little earlier so that you can have the life you want while you are young enough to enjoy it.
The options really are endless. Few parents who adopt think they can afford it to begin with. However with some hard work, creativity, and knowing who to contact and where to get help, you will realize that money will not stand in your way of fulfilling your dreams of having a child.
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