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Difference between revisions of "Affording Adoption"

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Employers that offer [[adoption]] benefits cite advantages for their companies including maintenance of productivity, retention of good employees, a positive public image, and equity in benefits for all employees.
 
Employers that offer [[adoption]] benefits cite advantages for their companies including maintenance of productivity, retention of good employees, a positive public image, and equity in benefits for all employees.
  
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==[[Adoption Fundraising]]==
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==[[Sources of Financial Assistance]]==
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If the idea of fundraising causes you to cringe, you’re not alone. Many people quickly bypass the idea of fundraising because it sounds too difficult, they feel awkward asking for money, or they simply don’t know where to begin. You may be surprised to learn that it only takes a few good ideas, planning, and some elbow grease to successfully fundraise to help cover your [[adoption]] expenses.
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Aside from employer or tax-related benefits, there are a variety of sources of non-profit and government-based assistance available to prospective parents. These can include [[Adoption Fundraising]], private [[Adoption Grants]], specialized [[Adoption Loans]], and [[Adoption Subsidies]].  
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==[[Adoption Grants]]==
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Some [[organizations]] and [[Adoption Agencies|adoption agencies]] offer grants to families who inquire and qualify for their program. Typically, grant [[programs]] are for specific children, countries, or other criteria specific to the organization offering the grant. Keep in mind that many other people are applying for the grants as well, so while you may fit all the criteria, you may not receive the grant.
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==[[Adoption Loans]]==
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Loans are one way to pay for some or all [[Adoption Costs|adoption costs]]. Some [[organizations]] offer low-interest [[Adoption Loans|adoption loans]] to qualifying families. You can also talk to your bank about home equity or line of credit loans, although they are usually at a higher interest rate than that offered for [[adoption]]-specific loans. While loans do require repayment, there are resources that can help you with that once your [[adoption]] is finalized, such as the [[Adoption Tax Credit]].
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==[[Adoption Subsidies]]==
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In every state there are children with [[Special Needs|special needs]] waiting for adoptive families. In the past, most of these children would wait forever. The costs of care and services were major obstacles for parents who would otherwise [[adopt]] and love them. [[Adoption Subsidies|Adoption subsidies]], also known as [[Adoption Assistance|adoption assistance]], remove many of the obstacles of the past. Financial help and services are now available for children with [[Special Needs|special needs]] and their [[Adoptive Parents|adoptive parents]].
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====[[Adoption Assistance for Children Adopted From Foster Care]]====
 
====[[Adoption Assistance for Children Adopted From Foster Care]]====

Revision as of 21:59, 18 May 2015

Agency and private adoptions can range from $5,000 to $40,000 or more, depending on a variety of factors including services provided, travel expenses, birthmother expenses, requirements in the state, and other factors.

International adoptions can range from $7,000 to $30,000.

Adopting from the U.S. foster care system is generally the least expensive type of adoption, usually involving little or no cost, and states often provide subsidies to adoptive parents.

Stepparent and kinship adoptions are often not very costly.

There are a growing number of resources to help manage the cost of adoption, including an Adoption Tax Credit, Adoption Loans, Adoption Subsidies, Adoption Fundraising, Adoption Subsidies, and employer-provided Adoption Benefits


Adoption Costs

Agency and private adoptions can range from $5,000 to $40,000 or more, depending on a variety of factors including services provided, travel expenses, birthmother expenses, requirements in the state, and other factors.

Prospective adoptive parents may be concerned about the costs of adopting a child and their ability to meet those costs. Becoming a parent is rarely free of expenses—pregnancy and childbirth can be expensive and even more so without adequate insurance—and adoptive parents may be faced with initial costs that seem challenging.

Adoption-Specific Expenses

Affording Adoption: Additional Resources

Employer-Provided Adoption Benefits

Employee adoption benefits vary but they are becoming more and more available. In 1990, one study found only 12 percent of employers offered benefits to adoptive parents: by 2004 the proportion had increased to 39 percent, with an average maximum reimbursement of $3,879 for adoption expenses.

Employers that offer adoption benefits cite advantages for their companies including maintenance of productivity, retention of good employees, a positive public image, and equity in benefits for all employees.

Sources of Financial Assistance

Aside from employer or tax-related benefits, there are a variety of sources of non-profit and government-based assistance available to prospective parents. These can include Adoption Fundraising, private Adoption Grants, specialized Adoption Loans, and Adoption Subsidies.

Adoption Assistance for Children Adopted From Foster Care

In every State, children with special needs are waiting in foster care for adoptive families. The most recent data suggest that an estimated 115,000 children are available to be adopted from foster care.

Adoption Tax Credit

Tax benefits for adoption include both a tax credit for qualified adoption expenses paid to adopt an eligible child and an exclusion for employer-provided adoption assistance. Currently the credit has a maximum amount (dollar limitation) of $12,970 per child.


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