CONTACT US

ADOPTION & ART ATTORNEYS IN MARYLAND, DISTRICT OF COLUMBIA & VIRGINIA

ADOPTION & ASSISTED REPRODUCTIVE TECHNOLOGY (ART) ATTORNEYS

    Ways to Raise Money for Adoption

    Jun 22, 2022

    The cost of private adoption can vary considerably depending on a number of factors. The cost has been estimated at anywhere between $15,000 and $60,000. This assumes a private domestic adoption. Costs associated with an international adoption can sometimes be much higher.


    Of course, adoptive families have the opportunity to control some costs by looking at a variety of options for agencies, adoption attorneys, and other services. Even so, an adoption is a significant financial commitment that can take some planning.


    Although most families do not have this amount of money at the ready, there are several financing strategies that can put adoption within reach. Understanding your options will help you get started on the right foot, so you can better estimate how much time you will need to prepare yourself financially.


    Some helpful approaches include:


     Fundraising


    With the world of social media at your fingertips, there are many different fundraising venues to choose from. You can inform friends and family about your plans on a mainstream platform like Facebook, with video blogging on YouTube, and in many other ways.

    Crowdfunding platforms like GoFundMe have also been known to foster successful campaigns. There’s an increasingly large number of crowdfunding websites to work with, so make sure you pick one that allows fundraising for adoption and provides favorable terms, such as low processing fees.


     Refinance Your Home


    Refinancing can be an excellent decision depending on the prevailing interest rates. If you refinance, you “trade in” your old mortgage for a new one that can sometimes offer better terms. Of course, you get all the facts from your mortgage lender in advance, so you know whether it is a good deal or not.


    When you refinance, your lender pays off your existing mortgage with a new one. This gives you the chance to move on to a new mortgage lender if you are not satisfied with your current one. Lowered monthly payments provide you with additional savings opportunities for adoption or you can take cash out at the refinance settlement to set aside for the adoption costs.


     Seek out Grants


    In contrast to loans, grants are funds you are never required to pay back. Grant amounts are usually on the smaller side and require a significant amount of time and effort for applications. That said, they are often available with no strings attached and are a great way to bolster your growing adoption fund.


    There are so many opportunities for grants that it would be impossible to list them all. In addition to grant money provided by nationwide nonprofits and the federal government, you should also be on the lookout for grants sponsored by the state or organizations in your local community.


     Borrow Against Your 401(k)


    If you are significantly vested in an employer-sponsored 401(k) retirement plan, it can open doors for your long-term financing needs. Exactly how much of your funds may be available is determined in part by employer policies. Even so, you could have access to as much as 50% of your savings.


    The maximum amount of 401(k) funds you can borrow at any given time is capped, usually at $50,000 in a 12-month period. This is a standard borrowing agreement that will require you to pay back the funds. It also has a negative impact on the equity that helps you save up for retirement in the long run.


    With all that in mind, it is usually best to borrow against a 401(k) only if you have a concrete plan to fully restore the equity within the short term.


    A trusted local adoption attorney can help you control costs by avoiding legal pitfalls throughout the process.

    adoption after pregnancy loss
    14 Feb, 2024
    After a period of reflection, many expectant parents consider adoption after pregnancy loss. An adoption attorney can help.
    13 Apr, 2023
    When they want to grow their family, many aspiring parents use a surrogate. A surrogate carries a baby to term on behalf of the parents. Upon birth, paperwork is filed to transfer all rights to the parents.
    by Jennifer Fairfax 23 Mar, 2023
    Wondering about parental rights?
    by Jennifer Fairfax 08 Mar, 2023
    Are you wondering about gender in adoption? Gender in adoption is an interesting and sometimes complicated topic any aspiring adoptive parent should know a little bit about.
    by Jennifer Fairfax 23 Feb, 2023
    Each year, about 135,000 children are adopted in the United States. A significant portion of these have some form of special need. Special needs can arise for many different reasons not limited to disability. Whatever the case, special needs children often require exceptional care, and that can be costly.
    by Jennifer Fairfax 09 Feb, 2023
    When you are using the help of a surrogate to grow your family, having a good relationship is key. Most surrogates are retained through a private service that makes introductions between surrogates and the prospective parents. There may be several rounds of interviews to get to know each other.
    by Jennifer Fairfax 24 Jan, 2023
    A surrogacy arrangement describes any legal arrangement where a surrogate mother carries a pregnancy on behalf of an intended parent or parents. Surrogacy can take many different forms.
    by Jennifer Fairfax 10 Jan, 2023
    You may have prepared for this moment for months or even years. But getting the call that it’s time to pick up your newborn can still come as a surprise. You may have only a few hours of notice before you need to get moving. Even if the drive is short, it can feel like the most important trip of your life!
    by Jennifer Fairfax 20 Dec, 2022
    A known sperm donor agreement (“KspDA”) is used when prospective parents want to make an agreement with a person known to them for sperm donation services. Sperm donation helps parents conceive in any case where the male partner is infertile or among same-sex female couples.
    by Jennifer Fairfax 06 Dec, 2022
    It’s often assumed that when it comes to matters of family planning, fathers have few rights. However, this is not the case. In all U.S. states and territories, the law spells out the rights of a child’s biological father, also called the birth father. This remains true in cases of adoption.
    More posts
    Share by: