Tuesday, January 31, 2017
Some Options for Defraying the Cost of Adoption
AAA Partners in Adoption, Inc., strives to meet the needs of both birth mothers and adoptive families. Understanding the high costs often involved with domestic adoptions, AAA Partners in Adoption, Inc., helps adoptive families connect with resources that can alleviate the financial burden of the adoption process.
For example, many employers offer assistance with adoption costs, and active-duty military personnel can receive financial help of up to $2,000 per adopted child. In addition, families can apply for grants through the National Adoption Foundation to help defray the costs of adoption, and a number of private nonprofits and other organizations offer help to families who meet certain criteria.
Another option for families who cannot pay outright are adoption loans. Possibilities include borrowing against 401(k) or insurance policies or taking out a home equity loan. Further, crowdfunding, whereby prospective adoptive families take to social media to share their story and solicit donations toward adoption costs, can serve as an extremely useful tool.
Adoptive families should also think about the Federal Adoption Tax Credit and some state tax credits that can make adoption more affordable. Assistance may also be available through the Family and Medical Leave Act.