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How Do I Finance My Adoption?

How Do I Finance My Adoption?


For many couples financing adoption can be a complicated and expensive process. Forever Bound recognizes it is one of the most daunting and challenging obstacles in a goal to adopt. If you are considering adoption there are several financial resources you might consider.


  1. The Federal Tax Credit and Exclusion – I’d recommend that you consult with your tax advisor on this issue. There may also be some additional tax credits available through the state.


  1. Employee Benefit Programs – Many companies provide adoption benefits to their employees. You should contact your Human Resource Department to determine if there are adoption benefits available. If there are not, you may encourage them to add such benefits. I have often admired companies that saw fit to offer adoption benefits to their employees. It’s worth asking about. Approximately 25% of the employers in the United States offer some kind of adoption benefit. It may include reimbursement for specific adoption expenses, paid leave, unpaid leave, medical expenses of the birth mother, etc. You may get additional information on the Employee Benefit Program through the National Adoption Center at 1-800-to-adopt.


  1. The Federal Family Medical Leave Act – There may be resources through this program to help you as you go through your adoption.


  1. Adoption loans – While it’s far from ideal to borrow money for an adoption, adoptive families may find a loan necessary to cover larger immediate expenses. In some cases couples may be able to pay the loan back quickly with a tax credit or reimbursement from their employer or the military. There are several banking institutions or credit unions that offer adoption loans at reasonable rates.


  1. Fundraising – Another idea that many adoptive couples have tried is fundraising. Creative opportunities exist for raising money for your adoption. Consider using your talents and the talents of your friends and family to assist you in getting funds for your adoption. Consider ideas like car washes, neighborhood clean-ups, window washing, snow shoveling, etc. to raise funds. Ask for donations rather than a specific amount. Host yard sales and use pass-along cards expressing your desire to adopt on purchased items. Have bake sales. United For Adoption recently sponsored a fundraising activity where approximately 45 adoptive couple vendors sold items to raise money for their own adoption. Several of the families made in excess of $1,000 towards their adoption. United For Adoption plans to have this as an annual event to assist families raise the funds for their own adoptions.


  1. Adoption Grants – There are several organizations that offer grants. There is a list on the Forever Bound Adoption website that will list multiple organizations that assist qualified adoptive families. This can be an excellent resource to you in finding additional funds.


It may take a combination of these efforts to raise the necessary funds for your adoption costs. It’s always helpful to consult with other adoptive couples who have been through this experience. There are many friends who you can find at United For Adoption who can serve you as mentors as you go through this process. I’d recommend the organization to you as you look for resources to help you in your quest.