Financial exploitation is one of the most common and underreported forms of elder abuse. The following steps can help protect senior adults and their assets from fraud, scams, and undue influence.
1. Stay Connected
- Maintain regular contact with older adults through phone calls, visits, or video chats.
- Encourage participation in social, religious, or community activities to reduce isolation.
2. Educate About Common Scams
- Warn against giving out personal information to unknown callers or emails.
- Discuss common scams such as fake IRS calls, tech support fraud, lottery/sweepstakes scams, and romance schemes.
3. Monitor Financial Accounts
- Set up alerts for unusual activity on bank or credit card accounts.
- Review monthly statements together or with a trusted advisor.
4. Establish Trusted Legal Protections
- Execute a Durable Power of Attorney with a trusted agent.
- Consider creating a Revocable Living Trust for asset management.
- Pursue guardianship only when necessary, through court proceedings.
5. Secure Personal Information
- Encourage use of a paper shredder for sensitive documents.
- Limit what is shared on social media or over the phone.
6. Vet Caregivers and Financial Helpers
- Conduct background checks on paid caregivers or financial advisors.
- Avoid adding non-family members to joint bank accounts.
7. Encourage Professional Oversight
- Hire licensed fiduciaries or daily money managers.
- Set up regular accounting or reporting for individuals managing funds.
8. Know the Warning Signs
- Unexplained withdrawals or missing funds
- Sudden changes to wills, deeds, or beneficiaries
- Isolation from family or friends
- A new individual exerting undue influence or controlling access
9. Report Suspected Abuse
- Contact Adult Protective Services (APS).
- Notify law enforcement if theft or fraud is suspected.
- Inform financial institutions of questionable transactions.
Need Help? If you suspect financial abuse or need help setting up legal protections, contact a trusted elder law attorney here at the Woods Law Office. 586-532-8970
Stay vigilant. Stay connected. Protect what matters most.
