Friday, October 7, 2016
Financial Support for Adopting Families
An Atlanta-area adoption agency, AAA Partners in Adoption, Inc., guides adopting families through the complex process of adoption. On its website, www.partnersinadoption.org, AAA Partners in Adoption, Inc., also provides valuable information that aims to help families manage the costs of adopting and raising a child.
Raising a child in the United States is expensive. On average, families spend over $13,000 annually between birth and a child’s 18th birthday. These costs can be especially hard to handle if a family has already paid between $25,000 and $40,000 to adopt a newborn child. Fortunately, there are several steps adopting families can take to ease the financial burden.
Adopting families can receive aid through the Federal Adoption Tax Credit, the Family Medical and Leave Act, and various state tax credits. They can also discuss adoption benefits with their places of employment, many of which provide financial assistance throughout the adoption process.
For active military personnel, adoption subsidies of as much as $2,000 per child are available. Additional forms of financial support for adopting families include adoption loans, private grants, and private scholarships.