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What are ways to finance an adoption?

| May 10, 2021 | domestic adoption

Adopting a child can be one of the best moments you will share with your family, though it may not come cheap. As you decide to adopt, you should also think about how you will raise money to pay for it. Some families have enough money, but you may need to consider financing options if you do not have the money readily available.

Fortunately, adopting families have a variety of options to explore. As U.S. News and World Report points out, you may find financing from an employer, the government, or your friends and family.

Financing from an employer

Some workplaces have adoption assistance programs for their employees. These programs are not very common, but this is an option worth checking into. Some companies sponsor their workers to the amount of tens of thousands of dollars. Additionally, tax law may allow you to write off this money on your taxes.

Taking the adoption tax credit

The federal government may help you reduce your adoption expenses with the adoption credit. This could minimize adoption fees deemed reasonable and necessary as well as court expenses, travel costs, and attorney fees. This credit does not eliminate your tax liability, but people who take the credit may carry it for five years forward.

Apply for an adoption grant

Some adopting families receive financing through adoption grants. There are many different adoption grants available for various families. Parents who are religious may find a grant catering to them. There are also grants for LGBT couples. Be aware that you have to apply for a grant, so there is no guarantee you will receive approval.

Seek financing from individuals

Your family may be just as eager as you to see your adoption succeed and might even be willing to contribute money towards your cause. You could ask family members for financial help if you believe they have the means to support you. Reaching out to friends is another option. In fact, thanks to crowdfunding platforms on the internet, you could set up an account and ask your friends to spread the word that you need money.

Whatever options you explore will depend on your circumstances. Regardless, the end result may help make your adoption dreams a reality.