i would like to adopt a child from a 3rd world country...?

Question

My husband and I have a daughter and we'd like to adopt a child from another country. We're both social service workers and our income is "modest." I've been researching this and have realized the cost is going to be $25,000.00--very cost-prohibitive. Any ideas how i might raise some money--we'll have to take a loan out for sure, but it would be prudent to not take another huge loan out in addition to our mortgage. My job doesn't offer any assistance & my mom, who is widowed, is on a limited income. I wish we knew of attorneys who wouldn't try to profit from this. My husband is a little anxiuous about the expenses...wish i were friends w/angeline joliet (ha! ha!). Give me some creative (and legal ) ways to defray the colossal expenses. Attorneys welcome to respond!!!

Answer 1

I am going to ramble a bit here. I first came to Yahoo Ask for parenting advice and ended up answering a question about adoption, hence my pseudonym. My wife and I adopted a baby domestically five months ago. As you say that you are both social workers, I hope you know that the best reason to adopt a child is because you and your husband love each other and want to grow your love and grow your family. If you want to save a Third World (your term) child, adoption is most certainly the wrong way to do so. Some adoption agencies will not work with couples until they can prove infertility or some other medical reason for adopting as opposed to having a biological child.

Your number of $25,000 sounds about right, although I believe overseas adoptions might be even more expensive because you will pay more for immigration, travel etc. For example, Russia requires two trips of two or more weeks each.

If cost is an issue, look to faith-based groups. I believe Catholic Charities limits cost to 10% of annual income (you will have to provide tax returns). Adopting through a public agency such as Department of Children and Family Services or Child Protective Services, or whatever the term is in your area, is usually less costly that private entities.

You can get up to $10,600 (2005 number) in tax credits, but this comes after the fact through your income tax return. You will have to come up with the money first.

Former Chicago Bear Gayle Sayers is an adoptive father. He has a foundation which encourages African-American adoptions and helps to defay the cost. Not sure exactly how to find the organization, search for The Gayle Sayers Adoption Foundation, or something similar.

As for your original qustion, usually the two cheapest sources of loan money are home equity or a 401k loan. Maybe you should talk to a financial planner or advisor. Please don't look to a stockbroker, mutual fund salesman or life insurance salesman for financial advice. Keep in mind how the above get paid.