Money Talk With Slater

Making Money Across the Board

The Amount of Money Required for Adoption (Part I)

 

Cost is an important factor when considering adoption.

The cost with adoption is something each hopeful adoptive parent ponders. Most folks understand that adoption can be expensive but aren’t really sure what it entails. Hopeful adoptive parents come to the subject with numerous concerns, so it’s understandable if you fret about how much it costs to adopt a child.

It can be a difficult question to answer, but it’s good when people ask. Adoption professionals are committed to total transparency when it comes to the practical aspects of the process, like how much it costs to adopt a baby with an agency. 

With hopeful parents, they deserve to understand precisely what adoption is going to cost, why that cost is and what services they are getting in return. While some adoption pros try to put extra fees in the footnotes, most won’t do that. If you’re considering adoption and you’re pondering how much it costs to adopt, you’ve come to the right place.

How much does adoption cost?

It would be great if someone could just tell you a true set amount that adoption will cost, but it is not that simple. You can, though, give you a cost average for every type of adoption and some specific factors affecting cost for that adoption type.

Bear in mind, that with both international and domestic adoptions, you are probably eligible for the federal adoption tax credit (unless you go over the income limits) and possibly eligible for state adoption tax benefits and employee benefits, all of which will help counterbalance the adoption cost.

Many children adopted from foster care qualify for a monthly adoption subsidy until the child is 18, in-state college tuition, and Medicaid.  The adoptive parents will probably be eligible for a tax credit that is not dependent on expenses acquired.

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