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| − | [[Domestic]] newborn adoptions usually average about $40,000 in expenses to complete, while [[international]] adoptions canvary from $35,000-45,000 depending on the country from which a family adopts. These numbers can be drastically reduced through various [[Sources of Financial Assistance|sources of financial assistance]], such as employee benefits, grants, or loans. | + | Private domestic and [[international]] adoptions can be expensive, ranging from $35,000-$45,000. |
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| − | As few families can pay these costs on their own outright, it is recommended that parents hoping to [[adopt]] through either of these two channels apply for private grants and begin fundraising efforts early in the [[adoption]] process.
| + | However, it should be noted that not all types of adoptions are expensive. Adopting from the U.S. [[Foster Care|foster care]] [[system]] is generally the least expensive type of [[adoption]], usually involving little or no cost, and states often provide [[adoption subsidies]] to [[Adoptive Parents|adoptive parents]] to help with the expenses of raising a child. |
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| − | Adopting from the U.S. [[Foster Care|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|adoptive parents]].
| + | Stepparent and kinship adoptions are also generally not very costly. |
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| − | Stepparent and kinship adoptions are often not very costly.
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| − | 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]]
| + | If you're feeling overwhelmed about financing your [[adoption]] the following resources might be of use to you: |
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| − | ==[[Adoption Costs]]==
| + | [[Adoption Loans]]: https://adoption.com/loans |
| − | 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.
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| − | Prospective [[Adoptive Parents|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|adoptive parents]] may be faced with initial costs that seem challenging.
| + | [[Adoption Fundraising]]: https://adoption.com/fundraising |
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| − | ''[[Affording Adoption: Additional Resources]]''
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| − | ==[[Employer-Provided Adoption Benefits]]==
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| − | 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|adoptive parents]]: by 2004 the proportion had increased to 39 percent, with an average maximum reimbursement of $3,879 for [[adoption]] expenses.
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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.
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| − | ====[[Adoption Tax Credit]]====
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| − | 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|adoption assistance]]. Currently the credit has a maximum amount (dollar limitation) of $12,970 per child.
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| − | ==[[Sources of Financial Assistance]]==
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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]], and specialized [[Adoption Loans]] for [[domestic]] and [[international]] adoptions, and [[Adoption Subsidies]] for foster-related adoptions.
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| − | See [[:Category: Adoption Grants]] for a list of granting [[organizations]].
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| − | See [[:Category:Adoption Loans]] for a list of available lenders.
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| | + | However, for families pursuing private domestic or [[international]] adoptions, there are four key ways to offset costs: |
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| | + | # [[Adoption Tax Credit]] |
| | + | # [[Adoption Loans]] |
| | + | # [[Adoption Grants]] |
| | + | # [[Employer-Provided Adoption Benefits]] |
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| | Return to [[Adoption Wiki]] | | Return to [[Adoption Wiki]] |
However, it should be noted that not all types of adoptions are expensive. 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 adoption subsidies to adoptive parents to help with the expenses of raising a child.