Affording adoption is typically a huge concern for many prospective parents in our area who are going into the process. The majority of parents who adopt do so by borrowing money and subsequently using the adoption tax credit. The adoption tax credit in 2020 is a little over $14,000.00, so it is truly a substantial benefit. Some adoptive parents are eligible for small grants to help cover the costs of adoption in Alpharetta, but the vast majority of individuals who adopt use loans with the adoption tax credit.
Most people will take out a personal loan or even use a credit card to pay all these adoption expenses. In the year that you finalize the adoption and file your tax return, you can claim that adoption tax credit. Assuming you’ve actually paid $14,000.00 in federal taxes, you actually get that amount back, so while these fees sound daunting, that tax credit makes it a much more affordable option.
The costs associated with working with an agency vary from case to case. For example, some agencies receive a lot of funding from the churches that they’re affiliated with, and that has allowed them to keep their fees very low. Another way that some agencies keep fees low is by asking adoptive parents to cover a number of expenses for the birthmother.
It varies by state, so where you’re adopting from matters. In most states, however, she can ask for things like rent, utilities, clothing, transportation – costs that she typically incurs during the pregnancy – to be paid for by the adoptive parents. Rent for nine months can be a ton of money, so it’s important to make sure you understand how your agency passes along these expenses.
Adoptions through agencies can cost $60,000.00 or more. As much as half of that amount can be attributed to the cost of delivery because the birthmother may not have medical insurance. However, many birthmothers qualify for Medicaid, but a lot of agencies don’t bother having her go through this process to get qualified and instead just pass along all these medical expenses to adoptive parents.
Working with adoption consultants in Alpharetta is one of the most expensive options not only because of the actual adoption fees. What really makes this an expensive option is it typically involves travel. Adoption Advice and Guidance is local in Atlanta, and they do work with some Georgia agencies. Because adoption laws are more favorable in a lot of other states, they actually have a lot more contacts outside of Georgia.
The professionals that you typically work with have comparable pricing to using an in-state agency. If you’re using a local agency, you can expect to pay about $25,000.00 to $40,000.00, whereas if you’re adopting out of state, it can easily add $10,000.00 to that just for the travel. So, $35,000.00 to $60,000.00 is about the typical range for adoption consultants.
Some companies, such as Home Depot, offer matching programs to match their employees with children who are available for adoption. If you work for a large company, you should look into whether that’s available for you.
Some agencies have much lower fees if you’re open to certain special needs. Sometimes, special needs children include sibling groups; it doesn’t necessarily mean a child who has medical issues. Special needs can even refer to race.
If you are in a place where you are close to making a decision to adopt or you are already in the process and would like full guidance, we’re happy to see what we can do to help. Feel free to contact our intake team, and we’ll see if we can give some guidance on the next steps.