Infant adoption can be expensive for many couples, but it doesn’t need to be. Adoption becomes reasonably affordable if hopeful adoptive parents use a variety of resources and strategies. There is financial help available for almost every couple, if you know where to look.
Today, Lifetime Adoption is sharing smart strategies to help you afford adoption!
Adoption Financing – How to Afford Adoption
Although domestic adoption can be expensive, there are many resources and strategies to help mitigate the costs. Here are four effective methods to help pay for adoption:
First, check with your place of work to see if it offers an employer-sponsored adoption assistance program. Depending on your company, there could be thousands of dollars available to help grow your family.
Also, check with your HR manager on how your company’s parental leave policies work for adoptive parents. Regardless of their age, you’ll want time off work to bond with your newly-adopted child.
Adoption Tax Credit
Adoptive couples can use this tax credit to defray qualified adoption expenses, such as attorney fees, court costs, and travel expenses. Right now, the tax credit is $14,080 per child for adoptions finalized in 2019 (source: North American Council on Adoptable Children (NACAC).
The tax credit has been a valuable resource for many adoptive parents! You can only benefit from the adoption tax credit if you have taxes owed since it is not refundable. If you’re not sure of how and when to take advantage of the adoption tax credit, make sure to consult your tax professional.
Adoption Loans and Grants
There are several ways to find funding for adoption, but the most popular are adoption grants and loans. With an adoption grant, you incur no personal cost and don’t have to pay interest. So if you’re awarded an adoption grant, you don’t need to pay it back. To get more information on the various adoption grants out there, visit AdoptionFinancingInformation.com.
With an adoption loan through LightStream, you can afford to realize your dream of adopting a baby.
You can use LightStream’s loan to pay for any aspect of your adoption process. For example, you can use the funds secured via this loan to pay adoption professionals, prepare your baby’s nursery, print adoption profiles, and for adoption travel expenses.
Many grandparents are happy to make a gift to help grow the family. So if your parents have the means, consider asking for their help to afford adoption.
Many hopeful adoptive parents have found success with crowd fundraising, through sites like AdoptTogether and GoFundMe. Learn more about adoption fundraising here.
Another fundraising idea is to host an adoption fundraising event, like a spaghetti feed or a walkathon. If you spread the word about your adoption fundraiser, it can be very successful. Make sure to contact your local newspaper, radio stations, and other press outlets, and post about your event on Facebook and Craigslist.
By taking advantage of adoption grants, employer benefits, the adoption tax credit, and fundraising, there are many strategies to afford adoption. Lifetime Adoption believes that loving couples called to adoption should be able to open their hearts to a child. We’re happy to provide this adoption financing information to help you realize your adoption dream!