1. Adoption Grants

Adoption grants are often great options to choose from if you have some funds to start the process. These grants are a great option but are typically used to reimburse costs rather than provide funds up front. Grants are typically awarded and available to those who are quite a ways into the adoption process as those providing the grants want to ensure the money is going where it can best be utilized. There is no guarantee that you will be the recipient of a grant, but there are many to apply for and it is a great option to recoup money or repay a loan.

2. Budgeting

Budgeting should be a given when making any adoption financial plan; however, many do not realize just how much this one step can contribute to paying adoption costs. When my husband and I sat down to look at our budget, we were sure we would not find any extra. We were already living paycheck to paycheck! However, when we took a realistic look at our spending, we were shocked. We were spending so much extra per month that could go straight into our savings. We had $80 a month in a gym membership we could do without for a while, $30 in various streaming memberships, and we spent an embarrassing amount of money dining out each month. We were able to come up with over $200 a month just to place straight into savings without doing any extra work. After that, we found ways to work overtime and picked up extra work to help pay for our fees as we went. You never know what kind of money you might find if you take a hard, honest look at your budget. You may also find that your employer has extra work to throw your way. 

3. Loans

In a perfect world, every person would have the funds on hand to pursue adoption with no hesitation. In a perfect world, adoption would be affordable. However, in reality, many will have to do what they have to do in order to gather the funds for adoption. For my husband and I, we were asked by a relative to adopt. As this relative was a distant relative, the adoption process still cost $11,000. We were living in a townhome at the time, raising four kids, working jobs that made slightly above minimum wage. $11,000 was half of my yearly salary at the time. However, we always paid our bills on time and had great credit because of this. While no one wants to get a loan, we knew it was our only option. We were able to speak with our bank and get a loan for the fees with a great rate and a lending term we could afford. While we knew we could not afford $11,000, we knew we could find $200 a month in extras in our budget to make the payment. With the adoption tax credit, we also knew we would be able to put much of that money toward the loan at tax time. For some, a loan is a great option if they are financially responsible and maintain a financial plan for repayment.

4. Crowdfunding

Social media never ceases to amaze me with its power and influence. It connects us in ways we have never been able to before. With this, it is much easier to spread adoption and in turn, ask others for help. Many prospective adoptive parents have been able to fund their entire adoption through crowdfunding. It really just depends on how large your network is and the reach of your community. For us, crowdfunding was not largely successful. However, another adoptive family in our community raised over $6,000 in less than a week. Regardless, crowdfunding is a great risk-free way to attempt to raise money to pay for adoption.

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1. Financial assistance is the most common type of adoption benefit provided by employers. Financial assistance can come in different forms, such as a lump sum payment for adoption, payment of certain fees, and partial reimbursement to employees for expenses. Typically reimbursement plans can cover 80 percent of certain expenses related to the adoption up to an established amount. Every employer has different policies about reimbursement. Some may provide more for special situations such as the adoption of a special needs child. Be sure to check with your employer regarding financial assistance with your adoption. 
2. Parental leave is required by law for employers with 50 or more employees. This federal law requires that any employer with 50 or more employees must offer 12 weeks of unpaid leave to both mothers and fathers of new adopted children. This ensures that employees have job security and health benefits while on leave. Some employers may offer more than 12 weeks. Check with your employer to find out how much parental leave you can receive.
3. Information resources such as support groups, access to an adoption specialist, and help with special situations are also available to employees. Not all of these resources will be made available by your employer, so it is important to check with your human resources department to find out what resources are available to you.

If you are considering adoption and need help, contact your employer to find out about any benefits you could receive.

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Legal Requirements

Companies that are required to provide health insurance by law must cover adopted children and stepchildren with insurance benefits the same as biological children. These usually include companies who have more than 50 employees.

Companies who are required by law to provide Family Medical Leave Act (FMLA) must provide these services for adopted, foster, and stepchildren. FMLA refers to the law that allows employees who have been working for a company for at least a year to take up to 12 weeks of unpaid leave for a medical condition without losing their job. FMLA also covers spouses and parents. FMLA is usually provided by companies who employ at least 50 people. During leave, companies must allow the employee and covered family members to have access to health insurance if the employee signed up for it.

Additional Services

Some companies may have employee assistance programs where employees can ask for referrals for adoption services, including agencies and counselors. 

Many companies give financial assistance to employees for adoptions in the form of lump sums, payment of fees, and reimbursements for fees.

Many companies will give parental leave for parents of adopted children, similar to leave for the birth of a baby. This leave can be paid or unpaid. This may be a legal requirement in some states.

Financial Benefits According to the IRS

Adoption Credit and Assistance is available to families who adopt in the same year the expenses are paid.

Adoption benefits may only be available to full-time employees. To find out what your company offers, talk to your HR department.

The following website lists the top companies that are adoption-friendly:

https://www.davethomasfoundation.org/our-programs/adoption-friendly-workplace/

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The IRS offers a tax credit in the amount of $13,570 for 2017; however, this amount is subject to change year to year, so make sure you check with your CPA. This tax credit is non-refundable and reduces your federal tax liability dollar for dollar. Here’s an example. Let’s say you had $13,570 in qualified adoption expenses and you paid in $8,000 in Federal taxes for 2017. You would receive all $8,000 back as a federal tax refund and still have $5,570 tax credit remaining for the following year. This credit can carry over for six years or until you have reached the total credit of  $13,570. This credit does fade out if you reach a gross salary of $203,540 and goes away completely for a gross salary over $243,540. Again, check with your CPA for confirmation.

In order to qualify for the adoption tax credit you must have qualifying expenses, which include adoption fees, court costs, attorneys fees, and traveling expenses such as meals and lodging while away from home. This tax credit can be claimed for international adoption, domestic (agency and private) adoptions, and public foster care adoptions. These expenses can be claimed for a successful adoption or an attempt at adoption that did not result in final adoption. 

There are limited tax benefits from each individual state as well. You should check with your CPA to find out what your state has to offer for adoption tax benefits.

We were able to claim almost all of our son’s adoption expenses when we adopted him. He was born in 2014, we officially adopted him in 2015, and we were able to claim the expenses in 2016, since the expenses have to be incurred the year before the adoption is finalized. It took us just over 6 months to finalize his adoption and since he was born in August, that carried over into 2015, which is why we had to wait until 2016 to claim the tax exemptions. We also had a failed adoption for which we incurred expenses in 2016/2017, which we were able to claim in 2018. We were only able to claim the failed adoption expenses for the IRS, not the state in which we reside. Again, I suggest meeting with and having a CPA prepare your taxes when it comes to claiming the adoption credits.

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In order to apply to receive adoption assistance, you must first contact the adoption assistance specialist in your state. Once you have contacted the specialist, he or she can determine your eligibility and give you more information. If you are accepted to receive help, the state may provide monthly maintenance payments, medical assistance, and other support up until your child turns 18 or 21. You may also be eligible for a one-time reimbursement to cover expenses related to the adoption. These expenses can include adoption fees, agency supervision of the adoptive placement, court costs, attorney fees, travel, food and lodging expenses. If your child qualifies for assistance, the state must enter into an agreement with you as the adoptive parents. Assistance is provided based on the child’s background and special needs. Assistance can be either federal or state. A child cannot qualify for both federal and state assistance. A child must meet three criteria to qualify for federal assistance: the state has determined that the child cannot return to the birth parent’s home, the state has found a specific factor or condition (or a combination) that make it difficult for the child to be placed for adoption, and the state has made a reasonable but unsuccessful effort to place the child without support.  

If you believe that you qualify for adoption assistance, contact your local department of social services. For more information, visit:

https://www.benefits.gov/benefits/benefit-details/822

https://www.nacac.org/resource/eligibility-benefits-federal-assistance/

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Studies also show that adopted children are more likely to be successful in school. According to a study in 2007 completed by the U.S. Department of Health and Human Services, 68 percent of adopted children are read to everyday as young children compared to the 48 percent children who were not adopted. Being read to every day contributes to better school performance in children. According to this same study, more than half were reported to have very good or excellent performance in reading, language arts, and math. 

One of the best benefits for an adopted child is having two families to love. An adopted child has a birth family and an adoptive family. In modern adoptions, birth families have some form of relationship with their child. Adopted children who have some form of communication with their birth families are shown to be happier in life. The more someone feels loved, the happier he or she is. There are so many benefits for an adopted child, but these are some of the best.

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From the moment I first held our beautiful daughter in my arms, I was filled with an indescribable feeling of awe and wonder. I thought I knew what love was. Only I didn’t. In all my life, I never truly understood what it felt like to be a mother. The bond between a parent and a child is like no other. I get it now. Being a mom has given me a whole new perspective. Let me explain.

When you become a mom through adoption you:

•       Love your child like she was born to you and sometimes forget she wasn’t.
•       Want to become a better person because she deserves it.
•       Know you will do whatever you can to protect your child and keep her happy, healthy and safe.
•       Spend sleepless nights worrying about her when she’s hurt or sick.
•       Put your child’s needs ahead of your own, always. 
•       Marvel at your child’s accomplishments and milestones.
•       Feel immense gratitude for the sacrifice her birth mom made.
•       Witness a unique blend of nature and nurture that is present in every child who is adopted.
•       Sometimes feel unworthy of the incredible role you’ve been given in shaping another’s life.
•       Wonder how you got so lucky to be chosen as the parent to this child.
•       Truly understand what unconditional love is.

I would have never known such a deep and powerful love if I hadn’t become a parent by adoption. In some ways, I understand this tricky emotion better than I would have had I given birth. Not only have I experienced the unique mother-daughter bond, I’ve witnessed the selfless love an expectant parent displays when she places her child for adoption. I also understand that you don’t have to be blood-related to care deeply about each other and become a strong, healthy family. And I know that my child has so many other people who love her, even if they are not a part of her daily life.

Biology may make us similar to our families, but love is what connects us. It’s this love that is the best part of adoption.

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Below are six foster children benefits to consider when adopting a child from foster care.

1. Practically Free

Adoption is a wonderful way to grow your family, however; the steep cost can make some people shy away from adoption. Adopting through foster care costs the adoptive parents little, if any, money at all. Most adoptions through foster care only cost if the adoptive parents chose to use a private lawyer and not one the state is able to pay. The average cost of a private adoption is close to $30,000, but adoption through foster care averages less than $1,000. The difference is huge.

2. Insurance

Health insurance is one of the most important things to have in today’s time. It also is one of the hardest due to the rising costs of healthcare. A major benefit for adoptive foster children is their ability to keep state-funded health insurance at least until age 18. Special needs children may qualify to keep this benefit longer.

3. Monthly Subsidy

Many people would love to grow their family through adoption but worry about the overall expense of raising a child. Just like foster parents receive a monthly subsidy to help care for basic needs of a child, adoptive parents may be eligible to continue to receive this as well.

4. Respite Care

Respite care is when another licensed foster home cares for a child placed in your home to allow the current foster placement a break due to emergency or even exhaustion. A child adopted through foster care may qualify for state-funded respite care by another home if needed.

5. Tax Credit

All adoptions qualify for a tax credit of over $13,000 and can be used for five years. If your tax liability was $3,000 one year, you can carry the other amount over the next five years until the credit is spent or five years, whichever is less.

6. Free College

Yes, FREE!! One of the biggest benefits offered to children adopted through foster care is the ability to attend college for free. This benefit is not in every state, but there are several who participates. The average cost of a four year degree plan is $33,480. This is a huge amount taken off of the parents and child, resulting in more children attending college.

Adoption is a great way to grow a family and adoptions can have many forms, but when considering adoption, the benefits of adopting for foster care should be considered.

Click here to learn more about foster children benefits and adoption.

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But, you have to get over the icky—and figure out a way to afford it. If you can’t do it on your own, perhaps your employer can help—even if it means making “only a dent” in the cost of adoption services. Every little bit really does help. A dent can make a HUGE difference.

Less than half of all U.S. employers offer adoption benefits. Although the word is getting out, we still have a long way to go. And some of the most adoption-friendly workplaces have earned that reputation because of employees who have lobbied hard for change—and have convinced their employers to add, or increase, their adoption benefits.

The Dave Thomas Foundation for Adoption—North America’s only national nonprofit charity dedicated solely to finding permanent homes for children in foster care—recently ranked the Top 100 Adoption-Friendly Workplaces 2017. This annual report includes companies of every size. Here are the top three companies that made that cut in 2017—and some special facts that make some of these companies stand out from all the rest.

The Dave Thomas Foundation’s credo is as follows: “Our goal is to find a permanent, loving family for every child waiting in foster care. And just as every child deserves a home, we believe all parents deserve support and time to bond with their children. While this is a moment of celebration for these employers, it’s also a moment of awareness for our nation concerning children waiting to be adopted from foster care in the United States. Adoption-friendly policies are easy to implement and cost-effective, and create loyal and happy employees.”

Top 3 Adoption-Friendly Workplaces in 2017

The 2017 Top 100 Adoption-Friendly Workplaces Report is out, and these three companies are the final cut, scoring the highest points for being amazing adoption-friendly workplaces.

#1: American Express

This company offers 20 weeks of paid parental leave. U.S.-based employees are eligible for reimbursement of expenses up to $35,000. This is to help with the cost of an adoption or surrogacy event.

#2: Capital One Financial

Offers adoptive and foster parents up to 12 weeks of time off to care for and bond with their child. Eight weeks of parental leave, paid at 100%, can be broken up into two-week increments. Two of those eight weeks may be used prior to the expected adoption or placement in the home.

#3: Ferring Pharmaceuticals

Offers employees up to five weeks of paid leave and reimbursement of up to $25,000 in expenses related to adoption. Counseling and other parenting resources are also available.

To see the full list and details about all 100 workplaces that made the Dave Thomas cut, go to https://davethomasfoundation.org.

My Company’s Not on the List: What Now?

If your employer currently does not offer adoption benefits, consider bringing up the possibility to your company’s decision makers, movers, and shakers. Just because an employer doesn’t offer adoption benefits doesn’t mean they can’t or aren’t willing to, sometime in the future. Maybe they aren’t aware of the need among their employees or among the country (or society) as a whole.

So . . . ask.

Encourage your employer to become an adoption-friendly workplace.

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1. If the child has a completely absent parent, adoption may add another layer of security for the child.   

Often, when a parent marries or remarries, it’s easy for a children to feel left out. They went from being the most important relationship in their parent’s life, to sharing that loved one with another adult. If the child has previously experienced a parent walking away, adoption may be one route for a stepparent to demonstrate wanting to build a permanent relationship with the child(ren), and not just with the child’s parent.

2. It may help the stepparent make legal what has already been happening: parenting.

A stepparent can often feel like a bit like a beloved camp counselor. A stepparent may perform all the duties of a parent, while having zero legal rights. Adoption allows the stepparent to make decisions on behalf of their stepchild, like signing permission slips, medical care, and other important life decisions. It can help make the stepparent feel more like a family member than a camp counselor.

3. In the case of divorce, the child still has two parents.

As stated above, stepparents have no legal rights over their spouse’s children, unless they legally adopt them. If the parents should get a divorce, the adoptive parent has all the legal rights of the biological parent. This includes visitation, medical care, religious decisions, expenses, and the like.

4. It evens the playing field.

In the case where there are children from different relationships being raised in the same family, formal adoption can help level the playing field in the house. There is no longer ‘yours’ and ‘mine.’ All the kids are ‘ours.’ The formality of adoption allows for even inheritance, medical coverage, decision making, and the like.

If you’re interested in learning more in stepparent adoption, click here.

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