5 Adoption Funding Ideas to Help You Afford Adoption in Iowa
For most adoptive families, adoption can be an expensive investment. While it is well worth the cost in the end, financing for an adoption process can be a stressful process.
Fortunately, there are several adoption fundraising and financing methods available to help adoptive families afford the various costs of adoption. Many organizations have recognized the benefits that adoption brings the entire community and have developed special adoption funding to help make parenthood dreams come true for as many people as possible.
All adoptive parents should speak with a financial advisor, as well as an adoption professional, before preparing for their adoption journey. With the proper education and preparation, affording adoption is possible. The adoption financial assistance listed in this article can play a key role.
To learn more about your estimated adoption costs in Iowa, please contact the Nelson Law Firm today. Below, find four adoption funding ideas to help you budget for your own adoption.
1. The Federal Adoption Tax Credit
The federal adoption tax credit is government-provided assistance to adoptive families who have finalized their adoption. While the total amount of the adoption credit changes each year, adoptive families who finalized in 2016 could receive $13,460 per child.
As of now, the adoption tax credit is nonrefundable, and any credit in excess of your adoption expenses can be carried forward for five years. The adoption credit applies to qualified adoption expenses like adoption fees, court costs and attorney fees, traveling expenses and more.
The tax credit was implemented in 1997 to ease the financial burden of adopting children, but recent tax credit reform may make changes to the existing credit. When it comes time to submit their taxes, adoptive families should speak with an experienced tax attorney to determine whether they can still utilize the IRS adoption credit for their personal adoption process.
2. Adoption Grants and Loans
To help budget for their adoption process, prospective adoptive parents can apply for specific adoption grants and adoption loans.
While adoptive parents can always utilize other general grants and loans, this kind of adoption financial assistance is specifically offered to prospective adoptive families by organizations wanting to help create families. Adoptive parents may have to meet certain requirements — like having completed a home study investigation or having a certain credit score — before applying for grants for adoption or adoption loans.
Adoption professionals like attorney Ken Nelson may be able to provide informational resources to prospective adoptive families looking at this kind of adoption funding. Adoptive parents should always research the terms of an adoption grant or loan before applying.
Here are some good organizations to start considering for adoption grants and loans:
- Lifesong for Orphans
- National Adoption Foundation
- A Child Waits Foundation
- HandinHand Christian Adoption
3. Employer Benefits
Adoptive parents should also speak to their employers to determine if they are eligible for adoption benefits. Just as many employers offer maternity and paternity benefits for those who have children in the traditional way, an increasing number of companies are offering similar benefits to those who choose to add to their family via adoption.
If you are considering adoption, you should also consider speaking with your employer to determine what adoption benefits they offer. This may include financial benefits to help cover the cost of adoption, parental leave or resources to help you begin your adoption journey. If your workplace does not offer any kind of adoption benefits, consider discussing the benefits of doing so with your employer.
4. Personal Adoption Fundraising
An integral part of many adoptive families’ ability to afford adoption today is their ability to raise their own money through adoption fundraising. Many times, those who pursue adoption have already tried to be parents for a long time, and their friends and family are often willing to help financially in whatever way they can.
One of the easiest adoption fundraising ideas is to create an online fundraiser through a website like YouCaring.com, through which friends and family can easily donate to your adoption funding. You can also choose more traditional adoption fundraising ideas, like a:
- Yard sale
- Bake sale
- Car wash
- Online auction
- Baby walk-a-thon
5. Responsible Saving and Budgeting
As mentioned, hopeful adoptive parents should always speak with a financial advisor to determine their financial situation before committing to adoption. Adoption is a large financial obligation, and parents should fully understand what steps they need to take before they can afford this kind of family-building process. A financial advisor can help determine what kind of saving and budgeting is necessary to reach your own adoption goals, as well as provide suggestions for appropriate adoption financial assistance.
Not all adoptive parents may need to take great steps to afford adoption; sometimes, the simplest saving tips can help them build up the adoption funding they need. Consider setting a strict budget each month to set aside savings for adoption, or make lifestyle changes (like eating out less) to save more than you normally would.
Adoption involves many aspects, and the financial side of this family-building process can seem overwhelming at the start. However, with the proper education and by taking the right preparatory steps, prospective adoptive parents can find the adoption funding necessary to pursue their parenthood dreams.
To learn more about the adoption process in Iowa, please contact attorney Ken Nelson today. To learn more about adoption fundraising in your situation, please speak to an appropriate financial advisor.