When it comes to choosing adoption, many families often wonder how they will afford the financial expense of adopting a child. From agency fees to medical and legal fees, the list can seem endless – leaving many families to wonder, Just how anyone can afford adoption?
Chris Wallace, a Financial Advisor with Edward Jones, knows first-hand about affording adoption and the barrier it can pose to many adoptive families. As a Financial Advisor, Wallace helps people financially prepare for achieving their goals, such as being able to enjoy retirement, sending their children to college and even financing adoption. However, Wallace also has unique insight for couples looking for ways to afford adoption because he is also an adoptive parent.
Wallace and his wife, Colleen, have been married for more than 10 years and have two children – Caitlin (4) and Ryan (2).
“After Colleen and I spent several years trying to have children naturally, we found ourselves at an adoption meeting for interested parents. In the parking lot after that meeting, we decided that adoption was the right decision for us,” Wallace said. “Less than a year later, Caitlin was our daughter and all of the frustration that had built up had a wonderful conclusion. We feel so blessed that adoption has touched our lives, and it has been an amazing experience. ”
After bringing Caitlin home and enjoying their new life as a family, Wallace and his wife decided to begin a second adoption journey.
“It was such a great experience that we decided to try it again, but then Colleen discovered that she was pregnant with our son Ryan,” Wallace said. “Both experiences have been wonderful and we are hoping to have more children – whichever way they come is fine by us.”
When it comes to affording adoption, Wallace said there are many options available to families that can help offset some of the expense: “Growing your family by adoption is a huge financial commitment for a lot of families… Explore all of your options,” Wallace said. “Employer benefits and tax credits can help offset some of the expected cost of adoption.”
However, just as each adoption story is unique, so is the financial planning for each adoptive family. While one family may qualify for a tax credit or employer benefits, another family may need to find alternative ways to finance their adoption. The key is to know what options are available to you and your situation.
Want to know more about affording adoption and what options are available to you? Contact Wallace at christopher.wallace@edwardjones.com or by calling (314) 457-9449.
For additional resources on adoption financing, visit our Adoption Resources and Adoption Costs sections and check out our Adoption Tax Credit blog post. To learn more about Adoption Work Benefits and the Most Adoption-Friendly Workplaces, visit the Dave Thomas Foundation.
