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Finding the Financial Resources to Bring Your Child Home
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| Families find the resources to complete an adoption through a variety sources. Some have saved the money, some borrow from family members or receive an early inheritance and others secure loans to complete an adoption.
Some are uncomfortable with taking out a loan for adoption expenses and yet most people don’t think twice about financing a twenty thousand dollar car that depreciates the minute we drive it off the lot. While this comparison may be a bit unsettling, adoption expenses are an investment in your families’ future... lifetime of memories that are truly priceless.
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However you decide to finance the adoption of your child, Adoption Links Worldwide believes it is important for you as adoptive parents to maintain financial stability for the good of your child. Accessing future retirement savings or running up credit card debts can add to financial stress, so if you choose to borrow, please borrow responsibly and within your means.
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| Financial Resources Available to Many Adoptive Families |
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Adoption Tax Credit
If your total income is less than $159,450, you may be able to take a tax credit of up to $11,650 for qualifying expenses paid to adopt an eligible child (including a child in foster care.) This amount is subtracted from your tax liability. The credit allowable for any year is phased oout for taxpayers with adjusted gross income over $159,450 and is eliminated when income reaches $199,450. If your tax liability is less than $10,630 in one year, the remaining credit may carry over for up to 5 years to benefit from its full amount. To learn more, please visit: Adoption Tax Credit.
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Reducing Adoption Costs
Bob and Sue adopted a healthy baby girl. Their total income is $80,000 and their adoption expenses are $20,000. Bob is enlisted in the Air Force which offers a $2,000 subsidy and Sue's employer offers a $3,000 subsidy. This is how their $20,000 adoption expense is reduced to $5,000:
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| $20,000 |
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Total Adoption Expenses |
| – $2,000 |
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Bob's Military Subsidy |
| – $3,000 |
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Sue's Employer's Subsidy |
| – $10,000 |
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Adoption Tax Credit |
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= $5,000
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Total Out-of-pocket Cost |
| This is a simplified illustration. Please consult your tax advisor for more details on how these apply for your particular situation. |
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Dependent Exemption
Adoptive Parents may take the same dependency exemption on their income taxes for their adopted children, as well as children placed with them for adoption but not yet finalized, as they would for their biological children.
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Adoption Employee Benefits Programs
Some employers offer adoption benefits which may include: direct reimbursement; paid or unpaid leave; medical expenses of the birth mother; and/or adoption seminars, information classes, as well as counseling and support before and after placement. The U.S. military offers subsidies including one-time adoption costs up to $2,000 per child, whether adopting a healthy infant, a waiting child, or a child from abroad. A disabled adopted child also may be eligible for up to $1,000 a month in assistance under the military's Program for Persons with Disabilities.
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Federal Medical and Family Leave Act (FMLA)
Adoptive parents benefit from the Federal Family and Medical Leave Act which allows individuals to take up to 12 weeks off, unpaid but with benefits, without jeopardizing employment. The leave is not exclusively an adoption benefit since it is available for anyone who works for a company with 50 or more employees. Get more information about the Family and Medical Leave Act.
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| Adoption Foundations |
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The Dave Thomas Foundation
The Dave Thomas Foundation is dedicated to increasing the adoptions of more than 150,000 waiting children in North America's foster care system. Dave Thomas passed away on January 8, 2002. Dave was a great advocate for children and adoption as well as a talented and dedicated businessman. His desire to help and care for the most vulnerable children in this country was perhaps his greatest accomplishment. In his honor, his foundation continues to commit itself to the mission he set forth: to ensure every child has a permanent and loving home. Click here for more information on the Dave Thomas Foundation website.
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Shaohannah's Hope
Shaohannah's Hope awards financial grants to qualified families already in the process of domestic and international adoption. Learn more.
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Help Us Adopt
HelpUsAdopt.org is a national non-profit which offers financial assistance grants to help provide qualified couples and individuals (regardless of race, religion, marital status or sexual preference) with grants of up to $15,000 towards their adoption expenses.
Get more information.
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Gift of Adoption Fund
Gift of Adoption provides financial help for families in the adoption
process. Grants range from $1,000 - $7,500. Learn more.
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Other Adoption Foundations
A Child Waits Foundation
1136 Barker Rd., Pittsfield, MA 01201, 866-999-2445
Freddie Mac Foundation
8250 Jones Branch Drive, McLean, VA 22102, 703-918-8888
Hebrew Free Loan Association
131 Steuart Street, Suite 425, San Francisco, CA 94105, 415-546-9902
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| Adoption Loans |
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Bank of America Adoption Loans
Bank of America offers unsecured loans specifically designed for adoptive parents. Bank of America may be contacted at(888)457-2543 to speak to a specialist or visit their website.
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