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Archive for adoption financing

How to Research Adoption Benefits

learn how you can afford to adopt a baby!The #1 reason couples aren’t able to adopt is that they can’t afford it. The reality is, there are tons of adoption benefits out there, you just need to know where to look! Today, we’re sharing how to get access to the adoption benefits your employer, insurance, or church offers.

If you’re on a budget, you might be surprised at the cost of domestic infant adoption. The good news is that there are many adoption loans and financing alternatives that you can take advantage of. It IS possible for you to afford to adopt a baby!

Below, we share how you can research any adoption benefits that are available through organizations you’re affiliated with, like your employer, insurance, or church.

Adoption Benefits Through Your Insurance Provider

Asking your insurance provider about your adoption might seem strange to you. But, an insurance organization called MediShare grants its members $4,600 to use on an adoption!

Hopeful adoptive couples are supported by MediShare; the company helps to defray their adoption fees. Members of MediShare can share in adoption costs up to $4,600 per adoption. For two separate adoptions, the max amount goes up to $9,200. You can learn more at MyChristianCare.org.

Adoption Benefits Through Your Employer

Nowadays, more and more companies are offering their employees a reimbursement to help out with adoption costs, as well as paid leave. To find out whether your employer allows adoption benefits, just ask your Human Resource Department.

If you find that they don’t provide adoption benefits, you might help them start such a program by contacting the Dave Thomas Foundation. This non-profit offers information to employers through their Adoption-Friendly Workplace program. This program’s purpose is to make adoption affordable for every hopeful adoptive parent who’s employed. For details, visit AdoptionFriendlyWorkplace.org or give them a call at 1-800-275-3832.

Adoption Benefits for Members of the Military

If you’re a member of the military, you have adoption financing resources that aren’t available anywhere else. Active-duty military couples qualify for up to $2,000 per child in adoption benefits. The benefit increases to $5,000 if you’re adopting a sibling group. Get the details at MilitaryFamily.org.

6 Smart Moves to Get Your Finances in Line for a Baby

get your money in line before you adopt!There’s no doubt that welcoming a baby into your home will affect your finances. There’s buying all the needed supplies, clothing, and bedding for a nursery, and then there’s the diapers, formula, toys, and child care. Add to that some costs that aren’t directly linked to the baby, but come into play such as increased life and disability insurance coverage.

Getting a hold of your finances right now, while you’re in the adoption wait, can help you enjoy your newborn without stressing out about money issues. Here are 6 smart moves to take before your baby arrives:

1. Check With Your Employer About Benefits

Ask your employer now which benefits are available to you, so you have an idea of how to budget. Parental leave is a necessary benefit, no matter if it’s paid or unpaid. There may be additional benefits you can take advantage of, like a health flexible spending account (FSA). Your employer may offer adoption-related benefits, so make sure to ask! Finally, you’ll want to research the life and disability insurance coverage your employer offers. Ask about the deadlines for buying increased coverage so you can plan ahead.

2. Pay Off Your Debt

Get out of any high-interest debt you’ve incurred, such as unpaid credit card balances. Once you start your family, finding money to dig yourselves out of debt might not be as easy as it was before.


3. Take a Look at Your Health Insurance

The costs for pregnancy and delivery vary a lot nationwide, depending on which doctor and hospital your birth mother will be seen at. Your insurance coverage will determine what your out-of-pocket medical costs for the birth mother’s pregnancy-related expenses will be. It’s smart to review the pregnancy and childbirth coverage included in your insurance now.

4. Start a “Rainy Day” Fund

Try to prepare now for the unexpected by routing 5% of your take-home pay into an emergency, “rainy day” fund. A good goal is to try and save the amount equal to three months’ of expenses into this fund. If you reach that target, continue to save 5% of your pay to cover unexpected costs like a car repair.

5. Consider Bonding Time

Per the Family and Medical Leave Act (FMLA), you’re able to take up to 12 weeks of unpaid leave after the adoption. Both you and your spouse can take time off of work to bond with your baby. But you want to start thinking now about how you’ll afford living three months (or more) without a second paycheck.

6. Learn Child Care Costs

Child care costs may take up a large portion of your monthly budget. If both you and your spouse work outside the home, talk about how that may change. Maybe one parent will stay home. If you do need child care, your employer and the IRS may offer some assistance. Ask your employer if they offer a flexible spending account for child care. On your taxes, you might be able to claim your child and child care in a tax credit. And let’s not forget about the Adoption Tax Credit! Use these tax savings on big expenses such as formula and diapers.

Want Guidance from an Expert on the Adoption Tax Credit?

Sign up for our adoption tax credit webinar here!As you research adoption loans, grants, and other financing options, you’ve probably read about the Adoption Tax Credit. We’ve heard many adoptive couples say that this credit is difficult for them to understand how they might apply it to their taxes.

We’ll be hosting an information-packed webinar covering the Adoption Tax Credit. We’ll be joined by special guest Becky Wilmoth. Wilmoth is a well-known tax expert and an EA (Enrolled Agent) with Bill’s Tax Service in Centralia, Illinois.

Wilmoth is both an Adoption Tax Credit Specialist® and a licensed tax professional. As an Enrolled Agent (EA), Wilmoth prepares taxes, advises clients, and is a federally licensed tax professional. As a federally licensed tax professional, she has unrestricted rights to represent taxpayers before the IRS.

The Adoption Tax Credit has recently been covered in the national news. U.S. Senators Bob Casey of Pennsylvania and Roy Blunt of Missouri have re-introduced the Adoption Tax Credit Refundability Act. This act makes the current adoption tax credit fully refundable! You can discover more about this story and the Adoption Tax Credit Refundability Act at www.Senate.gov.

You can register for our Adoption Tax Credit webinar by clicking this link. This webinar was rescheduled. However, you may still register to attend and then you will be the first to know when the new date is confirmed.

Here’s the link to register for this informative webinar on the Adoption Tax Credit:
https://attendee.gotowebinar.com/register/5117208859587965954.

You’re able to join in on Lifetime’s tax credit webinar on your computer, over the phone, or via GoToWebinar’s app from your smartphone. After you register, we’ll email you instructions so that you can tune in live.

No matter where you are in of your adoption journey, we know you’ll benefit gaining knowledge about the Adoption Tax Credit!

A Fun Money-Saving Tip for Your Adoption Budget

save money for your adoption budget with this fun tip!Are you preparing to have professional photos taken for your adoption profile? Or maybe you’ve set an in-person meeting with your home study provider and want to look presentable. Looking good and saving money on a manicure is possible with this simple tip. It’ll help you feel confident, while at the same time save money for your adoption budget.

Lots of women find that at-home manicures are tricky. Do you end up with polish on your skin when you’re done? Make your DIY manicure easier and less messy by applying Elmer’s glue. It’ll catch the extra polish and remove it from your skin once your polish dries. When you’re done, your skin will remain polish-free and your nails will look flawless!

Here are the supplies you’ll need: an old makeup brush, Elmer’s glue, a cuticle stick, and nail polish. Select a makeup brush you don’t mind ruining, or get one at the dollar store. This tip is really useful when you’re applying nail polish with your non-dominant hand since painting is usually trickier on that side.

Here are the 4 simple steps to your flawless DIY manicure:

1. Get out that old makeup brush and use it to spread glue on your finger, onto your skin around each nail. Make sure to apply just a thin layer. Otherwise, it’ll take forever to dry.

2. Polish your nails with the color you’ve selected.

3. After your polish has dried, use your cuticle stick to begin peeling off the glue. As you peel the glue off, you’ll be removing the extra polish layer on top of it, too. Once you begin peeling with the cuticle stick, you can just pull the rest off using your fingers.

4. Use your cuticle stick to skim away any of the remaining dried glue from your skin.

Avoid Using These 3 Things to Afford Adoption

Don't use these 3 things to afford adoption!Many hopeful adoptive couples have found that they need to allocate more funds to go through the process. Domestic adoption does come with the potential of a high price tag since there are so many people working on your behalf. Money may be standing in the way for you to realize your dream of adoption. Today, we’re sharing about a few financial tools that you should avoid using to afford adoption. If you do, your long-term financial profile and your family will be negatively affected.

Here are 3 financial resources that you should avoid using to fund your family’s adoption:

1. Mortgage or Rent
Using your mortgage or rent payment towards an adoption is a risky financial idea. After all, if you’re adopting, you’ll need a place to live! You’ll need to create and cultivate a home environment that is stable and secure. You could end up losing a lot more than you ever imagined when you start using the money that should be going towards your house.

2. Payday Loan
Using a “payday loan” allows you to get your full paycheck in before your actual pay date. This might sound like a great financial tool, especially if you’re in a rush to adopt. However, since you’re already are low on money, the odds are you have little to no reserves if you’re even considering this. You’re likely to fall into debt once you start using this type of loan. This is because payday loans come with very high interest rates and you can almost never “catch up”. Living paycheck-to-paycheck is not a great start for your new family.

3. Title Loan
Giving away the title to your car is one of the most financially risky plans to follow. You need your car to get from point A to point B. Without a car, it may be almost impossible for you to get to work. If you have one missed payment, you might end up losing your car. It can put an emotional strain on you, in knowing that the car isn’t really “yours.” It’s totally not worth it! Your future child shouldn’t be brought into a situation where their adoptive parents are so financially burdened. The stress of all this will seep into other areas of your life and even to your child.

As adoptive parents, you have the responsibility to give your child the best imaginable start with your family. Your arms might be aching for a child, but you don’t want to bring one into your life at a time of financial stress. Once you have a better idea how much money you’ll need to fund the adoption, try more positive ways to raise funds. Visit Lifetime’s link about Financing Your Adoption to get ideas on how to afford adoption.

Financing for Your Adoption

Couple applying for adoption loanLifetime Adoption has some exciting news! We’ve just partnered with LightStream (a division of SunTrust Bank) to offer loans to those hoping to adopt a baby or child. This loan has been set up as an “AnythingLoan,” meaning that you may use it towards an aspect of your adoption. Some examples of uses for the Anything Loan are travel expenses or medical costs. LightStream offers a quick and easy paper-free online loan application on their website LightStream.com.

The fixed-interest rates on LightStream adoption loans start at 5.99% APR with AutoPay. You can obtain adoption funds from LightStream to your account the same day you apply. Loan amounts range from $10,000 to $100,000 and loan terms range from 24 to 84 months. There are no collateral requirements, no fees, no down payment requirements, and no prepayment penalties.

You can find out more about this adoption loan and discover if it fits your adoption funding needs at: www.LightStream.com/lifetime-adoption.