What is the Adoption Assistance Fund and how does it work?
As we are able, Love Basket is delighted to offer Adoption Assistance grants of up to several thousand dollars to families desiring to adopt newborns and children with special needs. We’ve been privileged to place numerous children with varying kinds of health issues (from mild to significant) over the years.
Grants are also available to married couples/families of color who desire to adopt children of African American or Biracial (African-American/Caucasian) background. Waiting times may be short (birth parents select adoptive parents for their child), and we seek families ready to move forward with the other costs of adoption. Grants of up to several thousand dollars are available.
Decisions regarding financial assistance to a family, and the amount of any assistance are made by Love Basket’s Adoption Assistance Committee and are based on the availability of funds, the family’s size, income and assets as well as the difficulty of finding a family for a particular child. Materials reviewed from the child’s perspective might include medical, social and other background information that may be available. For some, consideration would have to wait until after child assignment, since any special needs of the child would be a factor taken into consideration as well. Grants (or a reduction in fees) of up to several thousand dollars may be available for qualifying situations. These grants are only applicable in a Love Basket agency placement, and cannot be used to pay initial placement fee of $4,000. It will be deducted from final fees on placement day.
What other financial assistance may be available?
There is currently a substantial Federal Adoption Tax credit available for adoptive parents. Please consult your tax attorney, accountant, or IRS guidelines for further information. (As an adoption agency, we are not qualified in the field of tax law and/or tax preparation).
Some states, such as Missouri, offer a State Adoption Tax Credit as well – again, please consult your tax preparer for further details.
Minority children born in Missouri, and some other states, may be eligible for an adoption subsidy. Application for a subsidy must be submitted to the concerned state before the adoption is finalized.
Your state of residence may also have a program that can help you. Be sure to ask your Home Study provider (if Love Basket is not performing your home study). You might also want to check with your employer to see if your company offers any financial assistance with adoption-related expenses.
We understand that adoption involves a significant financial commitment. We want you to know that there are many sources of funding available, including others listed on this website under Adoptive Parent Resources.
Following is a listing of several resources to consult in seeking assistance in paying for your adoption:
1. Banks: Often have loans specifically for adoptive parents. We have heard that MBNA offers unsecured adoption loans-call 1-888-627-8356
2. Employers: Large corporations often have special adoption grants for their employees.
3. Family or Church: Close family members are sometimes willing to loan money to the adoptive family with little or no interest. Some churches will sponsor funding drives to help raise money for the adoption. Contributions to such drives may be tax-deductible for income-tax purposes; your tax preparer will help you make this determination.
4: Tax Relief: There are federal and state tax credits for adoptive parents in many states. The credits are significant – the federal tax credit is $10,960! Please see www.tax-credit.adoption.com or www.irs.gov/taxtopics/tc607.html for more information.
5. Internet Searches: Type “adoption loans” or “adoption grants” into your favorite search engine (Yahoo, Google or ask.com are good places to start).
6. Please feel free to call us with any questions regarding the foregoing. We’ll be glad to help.
