Welcoming a new bundle into your family may mean doing so through adoption. One of the
Jan. 3, 2022
What Are Ways to Fund an Adoption?
The hope of expanding your family through adoption might seem like a distant one. Adoption comes with several expenses and you may fear your family budget will not be enough to afford all the costs involved. Still, this should not be the end of your adoption dreams. Some families have found different ways to finance the adoption of a child.
If you do not have the money at the moment to adopt a child, do not despair. According to Penny Hoarder, there are avenues to fund your adoption that you might explore. One or more of these may be available to you.
Ask About Employer Benefits
Some employers offer help for workers who want to adopt. Not many workplaces publicize their adoption benefit programs, so you may want to check with your employer to see if these benefits exist. Depending on the program, your employer may pay for your adoption fees and/or give you paid leave to cover your travel time and parental leave.
Conduct a Fundraiser
With the rise of online crowdfunding, more and more people are availing themselves of fundraising for their projects. You may also use a fundraiser to raise funds to adopt a child. You may set up a crowdfunding page on the internet or you may have a traditional fundraiser that sells baked goods or holds a contest to raise money. If you belong to a religious organization, your church, synagogue or any place you worship may offer to help you out.
Look for Grants and Loans
You might find various sources that want to help a person adopt a child. Some national organizations provide grants for adoptive parents. Some grants cost around $2,000 while others may go as high as $15,000. Additionally, you may discover institutions that offer loans to help parents adopt. Some of these loans may reach $7,000 or higher depending on qualifications.
Check for Tax Benefits
The federal government offers tax benefits for adopting parents. You may see if you can take advantage of the Federal Adoption Tax Credit, which should allow you to use the credit towards adoption-related fees like costs for travel, hiring an attorney and paying adoption agency fees. Additionally, the government allows parents to exclude income for adoption assistance provided by an employer.
These are just a few examples of what you might find to help you finance your adoption. Do not hesitate to ask friends or family for help or advice. You never know what you might discover that can help you realize your dream.