How To Adopt When You Have No Money
Recollect You Can't Afford Adoption? Here are 10 Surprising Means to Pay for It
My husband and I always knew we wanted to grow our family through adoption. We originally thought this meant we would need to save thousands of dollars, merely we had piffling money to our names. All the same, we made it work.
Fast-forward 29 years: I take x children, six of whom are adoptees. I'm also the founder and CEO of an adoption agency; in all, I've been a part of over one,200 adoptions.
In my many years every bit both an adoptive mom and an adoption professional person, I've found that the high price of adopting a child is one of the biggest fears many prospective adoptive parents accept.
Yes, it's truthful: Adopting a kid can be expensive. Depending on the specifics of your adoption, fees tin range anywhere from $0 to over $twoscore,000.
But pricy equally adoption tin can be, it's not impossible. These are just a few of the many ways to creatively finance your adoption.
ane. Take Advantage of the Federal Adoption Taxation Credit and Income Exclusion
There are 2 major adoption tax benefits: tax credits for adoption-related expenses and income exclusion for employer-provided adoption assistance.
In 2016, the maximum tax credit for eligible expenses was $13,460 per adoption. It rose slightly to $xiii,570 in 2017. You tin can employ the credit toward expenses like bureau and attorney fees, travel and accommodations.
You tin can decrease the adoption credit from your tax liability for that year and deport it for upward to 5 years if the credit is greater than your liability.
Always consult an accountant or the IRS for complete and accurate data.
2. Cheque With Your Employee Benefits Programs
Few employers advertise adoption benefits. Still, don't hesitate to dig a niggling deeper to see what might be available.
Some companies offer financial reimbursements for adoption fees and even paid go out on top of your vacation package to help cover travel time and/or parental leave.
3. Choose an Bureau With Sliding Fee Scales
Some agencies require a flat fee for all applicants, while others structure their fees based on your personal finances.
Y'all might save coin by working with an bureau that offers a sliding fee scale based on your gross worth. This fee structure helps many save money and also enables more than people to go adoptive parents, regardless of their income.
four. Look Into State Subsidies for Adopting a Child
Many states grant subsidies to families who adopt children born in the United States with special needs or who resided in foster care for a specified period of time.
If y'all're seeking a subsidy, the application needs to bear witness that the child's case is medically compelling. It should document the kid's disability and outline the hardships he or she will have growing upwards.
Within each state, counties may vary in their subsidy requirements and contributions. The North American Council on Adoptable Children summarizes each state's adoption subsidy requirements for your reference on its website.
5. Counterbalance the pros and cons of fundraising
Fundraising draws much-needed awareness to the topic of adoption and obviously assists with your budget. In some cases, religious and community organizations, like churches and synagogues, may jump at the opportunity to assist you with this effort. They may be willing to host bake sales, bingo nights, carnivals and pass-the-hat events to help yous raise money.
Keep in mind, though, that fundraisers often are not the most ideal option for adopting a child. They may generate uncomfortable questions and comments from your friends, family and community.
Some might make judgments about your financial situation. Others might question whether all funds raised volition become toward adoption expenses, or if yous will pocket a portion. If you lot choose to fundraise, understand the downsides: They certainly may not exist within your comfort zone.
6. Explore Grant Programs for Adopting a Kid
A number of national nonprofits and charitable organizations offer grant programs to prospective adoptive parents. Consider exploring the following:
- Gift of Adoption Fund
- Help United states of america Adopt – Qualified prospective adoptive parents can receive upward to $15,000 toward adoption expenses
- National Adoption Foundation – Y'all may qualify for a grant, adoption credit bill of fare and adoption insurance.
- Boatner Family Foundation – The foundation provides grants of $ane,000 to $10,000 with a formal application, bureau approval and a financial statement. For more data, contact The Boatner Foundation at P.O. Box 132272, The Woodlands, TX 77393-2272.
7. Take Out Loans
There are a number of adoption-related loans available, including the following:
- A Child Waits – Loans of up to $10,000 are available.
- Pathways for Little Feet
You tin can likewise explore a mortgage and home-disinterestedness loan. Y'all can write off the interest on your annual tax render.
8. Accept Gifts From Relatives
You might exist surprised to learn how many adoptive parents receive fiscal gifts or interest-free loans from their loved ones, including grandparents, aunts, uncles and even siblings.
My uncle gave us a $5,000 loan, and my grandmother co-signed for another loan for our first adoption.
Relatives are often a slap-up resource for back up throughout the adoption journey.
9. Explore Your Assets
Yous may take inheritances or trusts in your proper noun, or yous may be able to borrow confronting your life insurance policy.
As well, don't forget your 401(k). While it may sound outrageous to pull from your 401(k) to subsidize your adoption, keep in mind that doing then requires no application fee. You lot tin can pay dorsum the loan with paycheck deductions for up to v years, and at that place is no credit score stress at all.
That said, some warn against borrowing from your 401(k) because information technology defeats the purpose of a secure retirement fund entirely. Also, in that location's a default risk when you borrow from your 401(k); you lot could end upward owing taxes and paying more in the long run.
ten. Choose an Agency Without a Placement Fee Deposit
Some agencies require y'all to make a deposit on your placement fee, even when a child hasn't been placed with you lot still. This can be financially burdensome if your finances are tight, and you don't have the coin to pay upfront for services yous haven't even so received.
Consider looking into adoption agencies that only require these fees upon placement of your child.
Don't Let Cost of Adopting a Child Deter You
Adoption isn't for everyone. Only if you lot're curious almost adopting a child, don't immediately rule it out once yous hear murmurings well-nigh how expensive it could be.
No ii adoptions are the same. Information technology's improve to explore the option fully than to completely dismiss it because you're afraid of the costs.
Talk to an adoption professional about your options. Do your ain research. Reach out to adoptive parents to discuss their experiences.
Despite the challenges, fees should never exist a barrier to adopting your child and creating your forever family.
Michele Fried is the founder and CEO of Adoption STAR, a COA HAGUE accredited nonprofit adoption agency licensed in New York, Florida and Ohio that is dedicated to creating forever families. An adoption advocate and supporter, Michele is too a proud mom to ten children, half-dozen of whom are adopted.
Welcome to Adoption STAR; a not-for-profit agency where support, grooming, advancement and resources help create forever families. Adoption STAR is authorized in New York State, licensed in Florida and Ohio, approved in Connecticut and is COA Hague Accredited. Adoption STAR has an experienced staff of professionals and subject field thing experts providing both domestic and international placement options. Our empathetic and thorough staff members educate and support all members of the adoption journey (nascency families, adoptees and adoptive families) from childhood to machismo.
Adoption STAR offers comprehensive services to adoptive parents, birth parents, adoptees, and the community at big. These services include domestic infant and international placement programs, adoption dwelling studies, post placement supervision, counseling, pre-and-post parenthood teaching, trainings and in-services for medical professionals, educators and others in the community, adoption support groups, social groups, online support groups and other social media sites, newsletters, a resources library, and more!
Our promise to you is that you will never reach a voicemail or recording when contacting Adoption STAR by telephone. Call today 1.866.691.3300.
Source: https://www.rainbowkids.com/adoption-stories/think-you-can-t-afford-adoption-here-are-10-surprising-ways-to-pay-for-it-1940
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