Affording Adoption
Minnesota Parent | By Abbie Burgess
Two Minnesota families are helping others find funding for their forever families.
An Adoption LOC
Geoff and Nicole Bullock of Brooklyn Park can’t imagine life without their daughters, 7-year-old Alaya, who brings her diary wherever she goes, and 5-year-old Annika who wants to be outside in the backyard 24/7.
“You don’t know how many times I’ve watched Frozen,” their dad said. “I know it word for word.”
Both girls joined the family as infants through domestic adoptions through Lutheran Social Service of Minnesota.
When unexpected costs arose with their second adoption (ultimately totaling more than $35,000), the Bullocks refused to give up.
Geoff Bullock said: “We literally sold our house to adopt Baby No. 2. We were lucky we had the equity in it.”
Knowing others won’t necessarily have that option, Bullock, a financial educator at Firefly Credit Union, came up with the idea of a special line of credit for adoptive families, allowing them to borrow money as expenses arise.
Instead of paying interest on an entire sum as is customary with a traditional loan, the adoption line of credit requires a payment only on the amount borrowed, making it more affordable.
“You can take out what you need — for example, for a home study,” Bullock said of the long and involved evaluations families go through to receive adoptive placements.
On Jan. 2, Firefly Credit Union’s nine Twin Cities locations launched the new line of credit.
The idea won an industry competition and grew in momentum: Now credit unions around the country are contacting Firefly to pursue the concept.
“People are priced out of adoption,” said Bullock, who hopes to change that fact.
Keep in mind that a tax professional can help to determine eligibility for state and federal adoption credits for all types of adoptions. Also, many workplaces offer adoption benefits, including financial assistance for adoptions
and/or parental leave.