Interested in adoption? Financing could be available

On Behalf of | Apr 7, 2020 | Firm News |

You have always wanted to adopt, but you know that it can be expensive. Fortunately, there are various ways to adopt and to finance adoptions of any kind.

Did you know that an average adoption costs between $2,000 and $50,000? That is a significant range, but the amounts are based on the kind of adoption you do and all the steps involved. For instance, if you choose to adopt domestically and through foster care, the costs may be minimal. For an international adoption, you could look at fees of up to $50,000.

How can you reduce the cost of an adoption?

To reduce the cost of an adoption, you need to look into some financing options. While having cash on hand is the easiest way to go through with adoption, some other options include:

  • Having a fundraiser in your community. Some people opt to hold garage sales, sell T-shirts or make GoFundMe accounts, for example.
  • Applying for grants. There are many grants available through nonprofit organizations. Those who qualify may see thousands taken off their adoption costs.
  • Using tax credits. Adoption tax credits let you write off a portion of your adoption expenses on your tax return. This could help you save thousands even years after the adoption is finalized.

These are just three examples of how you can reduce the cost of an adoption. If you want to expand your family, there are methods to get the funds you need and to finance your child’s adoption. Our website has more information on financing adoption and a number of different methods that could help you bring your child home sooner.