Nashville Adoption Lawyer

How to Finance an Adoption

The expenses associated with adopting vary according to the type of adoption you pursue and where your child is from. Such expenses can include application fees, the cost of the social worker's home study, court costs, adoptive parent training, prenatal and delivery medical expenses, foster care fees, orphanage donations, foreign fees and travel costs.

These costs can quickly mount, leaving you discouraged about your ability to afford an adoption. But there are resources available to help you defray the costs of adoption, including loans, grants, employer benefits, tax credits and others. Contact an adoption attorney in your area to learn more about your options for financing an adoption.

Adoption Loans and Grants

Many adoption organizations offer adoption grants and low-interest loans to help families fund an adoption. Usually there are certain criteria the family must meet to be eligible for a grant or loan. Often the grants and loans are only available to fund a certain type of adoption, such as adoption of a child with special needs. If you are considering adopting a child with special needs, you also might be eligible for a special adoption subsidy from the agency that places the child.

Employer Benefits

Many employers provide their employees with adoption benefits, including paid or unpaid leave (akin to maternity leave), reimbursement of some of the adoption costs and assistance with adoption services. You will want to check with your human resources department to find out if you are eligible for any of these benefits or others.

If your employer does not yet have a program to provide adoption assistance, you might consider asking for such benefits. Adoption attorneys and other adoption professionals can give you advice about how to raise this topic with your employer. Adoption benefits are valuable to the company as well as its employees.

Tax Credits

Depending on your family's financial circumstances, you may be eligible for a federal and/or state tax credit for adopting a child. The federal government offers a federal adoption tax credit for families that meet certain criteria. Some states also offer a tax credit for adoptive families, but these may be restricted to families who have adopted a foster child or a child with disabilities. Your adoption attorney can provide you with information about the tax credits and discuss whether you qualify for them.

Adopting a Child with Special Needs

Many states offer aid in the form of subsidies or reimbursements to families who adopt a child with special needs. State definitions of special needs vary, but typically include children that have physical or mental disabilities, are older, belong to a minority group or need to be placed with siblings. The subsidies can be used to pay for on-going medical care and treatment while the reimbursements help lower the costs of adopting the child.

Conclusion

Financing an adoption is expensive, but there may be means to help you limit the costs. An adoption attorney can discuss your financial options with you and help you find the best solution for you and your family.

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