How to Recognize Elder Financial Abuse

April 17, 2023

Elder financial abuse is a type of abuse that involves the illegal or improper use of an elderly person's finances or property. Unfortunately, many seniors are vulnerable to financial abuse due to factors such as isolation, declining cognitive abilities, and trusting natures, and it is often committed by individuals who are close to the elderly person, such as family members or friends. Identifying elder financial abuse can be challenging, so it's important to familiarize yourself with these typical indicators:

1. Sudden Changes in Financial Circumstances

One of the most obvious signs of elder financial abuse is sudden changes in an elderly person's financial circumstances. This may include significant withdrawals from bank accounts, changes in beneficiaries on insurance policies or wills, or the sudden appearance of new accounts or credit cards.

2. Unexplained Financial Transactions

This could include purchases that the senior does not remember making, or large amounts of money being transferred out of their accounts without their knowledge or consent.

3. Unpaid Bills or Overdue Notices

Another red flag that may indicate elder financial abuse is unpaid bills or overdue notices. This could indicate that someone is using an elderly person's finances without their knowledge, or that the senior is not able to keep up with their finances due to declining cognitive abilities.

4. Unusual Bank Activity

This may include checks made out to unfamiliar individuals or companies, or withdrawals that are not consistent with the senior's usual spending patterns.

5. Sudden Changes in Estate Planning Documents

This could include changes to wills, trusts, or power of attorney documents that do not align with the senior's wishes.

6. Changes in the Elder's Behavior

This could include increased anxiety or depression, withdrawal from social activities, or a sudden lack of interest in personal finances.

7. Unusual Relationships with Caregivers or Family Members

Finally, unusual relationships with caregivers or family members may be a sign of elder financial abuse. This could include a caregiver who is overly interested in the senior's finances, or family members who suddenly become more involved in the senior's financial affairs.

If you have reason to believe that your loved one is experiencing elder financial abuse, it is crucial to seek assistance. It may be necessary to reach out to law enforcement and seek legal counsel.

Katherine Gray
I believe financial success exists in the balance between work and play. I'm committed to helping you find that balance, one i-Scope story at a time.

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