Financial Planning for Adoption

An estimated 153 million orphans around the globe today are in need of families, according to UNICEF.

Thankfully, many people have a desire to love and care for these children by adopting or giving financially to help adopting families. Adoption is a high calling that is exciting, but can also be overwhelming.

The adoption process is usually long and challenging, filled with urgent decision-making followed by periods of waiting.

The adoption process can be very expensive, leading many people to believe they cannot afford to adopt. However, there are many ways to fund adoptions and many options for those who wish to give financial assistance to adopting families.

How can I fund an adoption?

There are many intangible costs to adding to the family that must be considered when thinking about adoption, such as impact to the rest of the family and future plans.

Then there is the monetary cost.

Many families see the large numbers commonly associated with adoption and immediately think they cannot afford it. However, there are options to help pay for adoption, and it is not unheard of for families to have all their adoption expenses covered. Some of the best ways to fund your adoption are:

  • Fundraising

  • Grants and Interest-Free Loans

  • Employers and Religious Institutions

  • Income Tax Credit and Government Aid

How can you financially support those who are adopting?

For those with means who wish to support adoption, it is important to carefully consider the ways to give financially to help fund adoptions in the most efficient way possible.

If done correctly, the government can subsidize your giving allowing you to give more.

Our goal is to work with families to support adoption, whether that is through a family adopting or supporting adoption as a part of their legacy planning.

Financial Planning Before and After an Adoption is Finalized

Before starting the adoption process, it is wise to listen and learn from others who have traveled a similar journey – people who can help you plan financially and find the necessary resources and partners.

Some areas to plan for are:

  • Liquidity - Identify sources for immediate funding needs.

  • Insurance and Estate Planning – Determine needs for insurance, trusts, and wills.

  • Educational Savings – Plan for education and how to fund it.

  • Long-Term Costs – Consider healthcare or counseling needs and prepare for the unexpected.

How Timberchase Financial Can Help

Whether you are a family looking to adopt, you have family or friends adopting, or you just want to help in any way you can, we invite you to read our article: Financing Adoption: A Guide For Adopting Families & Their Benefactors.

We believe real wealth management is a complete approach to addressing your entire financial life, defined as the sum of investment consulting, advanced planning, and relationship management. If you would like to start a conversation about how our CERTIFIED FINANCIAL PLANNER™ professionals may be able to help with your financial plan, please contact us.



Further Reading

As you navigate the complexities of financial planning for Parkinson’s Disease, you may find the following articles helpful: