Adoption Financing | Financial Help for Adoption Expenses
Almost all families qualify for adoption financing, and Lifetime Adoption makes the process easy. We believe that loving families desiring adoption should have the resources to open their hearts to a child.
How Much Does Adoption Cost?
The cost of adoption depends on the type of adoption you pursue. Private adoption costs can range from $30,000 to $60,000.
Expenses may include:
- Home Study: including background, financial, home, and medical checks
- Attorney Fees to prepare and file documents and for final adoption hearing
- Pregnancy Related Expenses: Such as medical, transportation to doctor and other pregnancy related expenses
- Travel Expenses: if your baby’s birth isn’t local
- Other Expenses
Financial planning for adoption is crucial for your family’s safety. Please review the terms of your contract with your agency to understand which costs you’ll be responsible for.
Adoption Financing Options
Adoption Loans
Many financial institutions and organizations offer adoption loans, but not all are equal. Do your research, compare terms and rates, and consider your circumstances. Loan comparison sites can help you narrow down your options. Be sure to choose a loan with conditions, terms, and a payment schedule that work for you.
Other loan options include a home equity loan, a whole life insurance loan, or even a loan from a 401k. Only take out loans that you’ll be able to repay, either through financial assistance or a long-term payment plan.
Adoption Grants
Adoption grants are incredibly popular because they involve no personal cost and carry no interest, unlike other financing options. Grants are free money for adoption that do not require repayment. This makes grants a risk-free option to pay some or all of your adoption costs. If necessary, you can pair grants with loans to make your adoption possible.
Common challenges with adoption grants include an extensive application process, fierce competition, and a long waiting period. The charity organizations providing funds usually have limited budgets. Because of this, you should apply for grants early, and don’t count on them to cover all your costs.
Adoption Finance Coaching
Lifetime Adoption provides adoptive parents with personalized adoption finance coaching, so you can get the one-on-one financial guidance you need to help fund your adoption.
- Your coach will walk you through identifying and applying for grants, making the process feel more manageable.
- Use practical tools to create a customized financial plan that fits your unique needs, helping you stay on track and make steady progress toward your adoption goals.
- Take advantage of valuable adoption financing education, including access to live webinars on funding for adoption and a variety of helpful resources to support you along the way.
It’s reassuring to know that you’ll have the support and strategies you need to navigate the financial side of your adoption journey confidently.
Adoption Crowdfunding
Crowdfunding is an excellent way for your friends and family to support your adoption journey. You’ll create a campaign at a site like AdoptTogether, Adoption Bridge, GiveSendGo, or GoFundMe. Include your adoption story and fundraiser goals and make the most of the crowdfunding site’s suite of marketing tools! You can have the funds go directly to your adoption agency so that all donations are tax-deductible.
Adoption Fundraising
The possibilities for adoption fundraiser events are endless. Some hopeful families have held online auctions, sold t-shirts, set up car washes, or sold homemade salsa or baked goods. Your church, company, or social groups may be willing to help with event planning! Most of your loved ones will be thrilled to help with your adoption journey, and organizations like Both Hands can lend support.
Lifetime Adoption Foundation 501 (c)3
The Lifetime Adoption Foundation offers support to adoptive and birth parents. This foundation provides adoption education, support, resources for adoption loans, and financial assistance for those in need.
Learn More About Lifetime Adoption Foundation Grants
The Federal Adoption Tax Credit
The IRS offers a federal tax credit to families who have completed their adoptions. We recommend learning about the tax credit before adoption so you can effectively plan your finances. Qualifying expenses include necessary fees, court costs, attorney fees, traveling expenses, and other directly adoption-related costs.
Learn More About the Adoption Tax Credit
Employer Adoption Reimbursements
Many employers are now offering a range of benefits for their employees who choose adoption. Not only do many employees receive paid adoption leave, but many employers also offer reimbursement for adoption expenses. Some employers also offer an Employee Assistance Program (EAP), which may apply to adoption.
Learn More About Adoption-Friendly Workplaces
Military Adoption Benefits
The United States military has resources for adoptive families that are not available elsewhere. Active military families are eligible for a one-time adoption financing assistance subsidy program. This offers up to $2,000 per child or $5,000 maximum amount for sibling groups.
These reimbursements and adoption financing benefits are available for domestic, international, single, or married adopting parents.
In addition, Lifetime provides a discount for military adoption to show our gratitude for your service.
Government Adoption Subsidies
Federal and state governments offer financial assistance for adoption through subsidies. These ensure that families who adopt special needs or waiting children have access to crucial services and resources. We recommend researching available subsidies in your area through your adoption agency.
Don’t take no for an answer-getting a subsidy can take a lot of work, and you will need help.
Get More Info Now
If you live outside of the United States, please click here.
Mardie Caldwell
Funding Your Adoption
Called To Adoption
Open Adoption Webinars
Lifetime Adoption, Inc. is a Licensed Child Placing Agency in Arkansas. (License AR #00050809)
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