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The Price of Parenthood
Financing Adoption
By Laura Christianson
The people Weldy counsels rarely stop partway through the adoption process solely because they don't have the money. "People invest their hearts in adoption," she says. "Once they're committed, they are able to save more money than they thought they could."
As parents-to-be research adoption specialists, they should ask to see the payment schedule. Adoption professionals often charge drastically different fees for the same services, and many offer a sliding scale based on a parent's income. Most stagger fee payments, with the bulk of the money due right before the placement is completed. Some agencies partner with financial institutions to offer adoption loans or lines of credit. Others, such as Antioch Adoptions in Redmond, Wash., tout "no fee" adoptions. Antioch's adoptive families give back to the Christian ministry through donating their time, talents and financial resources.
"Some of our families act as speakers and co-trainers, offering personal support to other families," says Bonnie Johannes, director of Antioch's Moses Project. Others donate office supplies or make a monthly gift of $25. "We have lots of repeat families," Johannes says. "When money isn't a barrier, families are more inclined to continue adopting."
As adoption becomes commonplace, more employers are offering monetary aid and/or paid adoption leave. According to the Bureau of Labor Statistics, 9 percent of employees had access to adoption-assistance benefits in 2003, up from 5 percent in 2000. Ninety percent of Working Mother magazine's 100 Best Companies for Working Mothers (October 2004) provide adoption benefits. MBNA America Bank, for example, offers up to $20,000 in aid to employees adopting a non-family member and paid leave for the adoption of a child, grandchild or great-grandchild.
The primary workplace benefit offered to adoptive families is the Federal Adoption Tax Credit, which credits up to $10,160 for adoption expenses. The amount of the credit is gradually reduced as family income rises above $152,390. Other workplace incentives include unpaid parental leave and military subsidies (see sidebar for details).
