While adoption is historically known for being incredibly expensive, there are ways to cut costs or even make it possible to adopt for free.
A quick internet search will find organizations that offer grants for those adopting that will allow for much of the cost to be absorbed. However, many of these grants require that you already have much of the adoption process completed in order to qualify, and they’re not guaranteed. Either way, these options will require much upfront cost from its recipients to already be covered.
Another option is asking for financial assistance from friends and loved ones in a crowdfunding format such as GoFundMe or YouCaring. Depending on the reason for adoption and also the support from family and friends, this can be a very lucrative option and cover must of the cost of adoption. Unfortunately, judges and the general public may look down upon this type of fundraising for adoption. It’s important to consult with your attorney or agency before utilizing these methods.
Foster Care Adoption
The most common way to adopt for free is through foster care adoption. Most states don’t demand an upfront cost for this type of adoption, though some may require advanced filing fees that are later reimbursed. This option is perfect for those who would like to adopt an older child or who don’t mind a longer wait. Adopting an infant from foster care is possible but can be a much longer journey.
Adoption Tax Credit
As of right now, there is an adoption tax credit that will allow up to $13,500 of your adoption costs each year to go towards your tax liability. This is not a reimbursement, but if your tax liability is low, you may very well get much of your money back. However, it is important to note that as government administrations change, this tax credit may also change.
Written by Lita Jordan