The Money section of US News and World Report published an article recently covering the different types of adoption and typical costs associated with each type. Also included in the article were practical ideas for how to finance an adoption.
Some of the suggestions of note for affording adoption include the following:
- Employer benefits
- Adoption tax credit
- Adoption grants
- Adoption or home equity loans
Wisely, the author advises caution when settling on a strategy for affording adoption:
Consider the strategy you’ll use to pay for adoption in conjunction with your other financial goals, and ensure that you’re leaving enough money set aside to actually raise the child, experts say.
Oh, and look for a few quotes from our very own Dawn Davenport!