Creative Resources to find Adoption Funding
The number one reason otherwise qualified families state for not moving forward in their adoption is because of funds. They are ready to love a child through adoption, but are unable to adopt the child that they have always wanted due to money concerns.
As sad as this is, in the early 1980’s my husband and I faced the same thing 30 years ago and found if there is a will there is a way.
Adoptions can be expensive, running from around $12,000 to $25,000 for home studies, agency fees, legal representation costs, facilitation fees and travel, among other items. What many people don’t realize is that there are alternatives for adoption funding.
Most people don’t think twice about signing loan papers for a car, but don’t want to do the same for an adoption. An adoption will last longer than the car and give more joy over a lifetime. The following information is to help you find a way to get started sooner than later and find a way to adopt no matter what your financial situation is.
Getting creative with funding is the key to financing the adoption you’ve been dreaming about. Working toward adding a child to your family may not be easy, but it will be well worth the effort taken to find these resources. Some families are finding through these suggestions they are able to adopt for free or for less than they had ever expected. Remember you get out what you put in, so the more research you do, the better you will be at finding money for your adoption.
Employer’s adoption benefit
The Federal Tax Credit
Qualifying expenses include necessary adoption fees, court costs, attorney fees, traveling expenses, and other expenses directly related to the adoption. Adoptive parents who plan to claim the credit should file Form 8839, titled Qualified Adoption Expenses, and attach it to Form 1040. For more information and other downloads to required forms, please visit the IRS website by clicking here.
Raising Money With Online Auctions
Have a Yard Sale
Plan a Fundraiser
For any successful fundraiser, be sure to contact the local press, including radio stations for interviews and to post your event on Craigslist and in flyers at local schools, churches, businesses and remember to let friends and family members know.
Set up an “adoption walkathon ”
Remember the tax credit and employer benefits – these are the first to look into.
With a little foresight and planning and the many adoption funding options available today, the average family has a chance to bring the light of love into their home with the adoption of a child. Families are able to adopt for much less than they might have thought. There are so many children out there that need the warm and secure home you have to offer; why not take advantage of every funding alternative available to you? Completing your family circle with an adoption will soon be more than just a dream!