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Are you considering adoption this year but concerned about how to swing the cost? Join us for a practical conversation about managing the expenses of adoption with Ryan Hanlon, PhD, former president of the National Council for Adoption, an adoption advocacy organization dedicated to research, education, and policy in the service of all members of the adoption community.
In this episode, we discuss:
- How much can hopeful adoptive parents expect to pay for adoption?
- Domestic infant adoption?
- Adopting from foster care?
- International adoption?
- What do these expenses cover?
- Most hopeful adoptive families do not have access to large lump sums of $25,000 and upward. So, what are the different options they can pursue to help them afford an adoption?
- Adoption Subsidies
- Adoption Grants/Loans
- Adoption Tax Credit
- What other methods are available to families to afford adoption? And can you explain the pros and cons of each so families can get a well-rounded view of what to consider?
- Increase savings / Decrease spending
- Increase income via a second job, selling things (things you own that you don’t want/need/use; things you can create or offer as services)
- Employee benefits programs
- Crowd-sourcing and fundraising, asking for money from family and friends (can be particularly controversial in some circles; take care in sharing the child’s story, etc.)
- If a family chooses to fundraise, can you offer a few tips that might help them protect the child’s story and proceed ethically?
- Also related to fundraising, what types of fundraisers do you see as most effective? (offering a service, event, or experience vs. donations only, etc.)
- How far in advance do hopeful parents start some of these efforts to afford adoption?
- Can you explain the Adoption Subsidy in more detail? How do hopeful parents determine if they qualify?
- Where do they go to learn about financial resources to help them afford adoption?
Resources:
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