Elder Financial Abuse: Protecting Seniors from Exploitation
One of the fastest-growing threats facing older adults today isn’t medicalit’s financial abuse. Seniors are often targeted because they may be more trusting, isolated, or dependent on others for care. Unfortunately, the perpetrators are sometimes even family members or caregivers.
Understanding how financial abuse happens—and how to prevent it is key to protecting your loved ones and their hard-earned savings.
What Is Elder Financial Abuse?
Elder financial abuse happens when someone illegally or improperly uses an older adult’s money, property, or assets.
Examples include:
Stealing cash, checks, or valuables
Pressuring or tricking a senior into signing documents
Misusing a power of attorney
Scams (phone calls, emails, fake investments)
Caregivers overcharging or billing for services not provided
Warning Signs of Financial Abuse
Look out for:
Sudden, unexplained withdrawals or transfers
Missing property or valuables
New “friends” or caregivers with unusual influence
Changes to wills, deeds, or powers of attorney
A senior appearing fearful, confused, or secretive about money
Legal Protections for Seniors
Powers of Attorney with Oversight
A well-drafted power of attorney can help, but should include safeguards to prevent misuse.
Guardianship/Conservatorship
Courts can appoint a trusted person to oversee finances if abuse is suspected.
Elder Abuse Laws
Many states have strict laws protecting seniors from financial exploitation, with both civil and criminal penalties.
Bank Safeguards
Some financial institutions can flag suspicious activity and alert family or authorities.
Prevention Strategies
Involve multiple trusted people in financial decision-making.
Use professional fiduciaries or trustees when appropriate.
Review estate planning documents regularly.
Educate seniors about common scams.
Encourage open conversations about money to reduce secrecy and stigma.
Final Takeaway
Elder financial abuse robs seniors not only of their savings but also of their independence and dignity. With careful planning, legal safeguards, and family awareness, you can help protect loved ones from becoming victims.
Do you suspect a loved one may be experiencing financial abuse or want to set up safeguards to prevent it? Our attorneys can help design protective plans and take swift legal action if abuse is occurring. Contact us today for confidential guidance.