Elderly financial abuse by family members can devastate your loved one’s finances. Acting quickly is essential to protect their resources and peace of mind.
When most people think of elder abuse, physical abuse or neglect often comes to mind — but financial exploitation is just as common, although it can be far more subtle.
Elder financial abuse refers to the unlawful or improper use of an older adult’s assets (e.g., undue influence, exploitation, theft, mismanagement of funds, coercion). Seniors are prime targets, particularly when they rely on others for support or have entrusted loved ones with access to their finances.
As aging individuals experience cognitive decline or reduced awareness, they may not be cognizant of those attempting to financially exploit them — especially if the abuser is someone they trust, like a child or grandchild. This can make financial abuse by family members difficult to detect and emotionally complex to address.
Consider the example of a son who regularly visits his elderly mother under the guise of helping her pay bills and manage finances but secretly transfers her money into his own accounts. If the mother discovers the theft, she may hesitate to take legal action to avoid conflict with her son, while a similar act committed by a stranger would likely result in immediate reporting.
Even when families attempt to handle matters privately, ignoring elder financial abuse can quickly drain an elder’s resources, putting their financial security and quality of life at serious risk. That’s why elderly financial abuse by family members must be addressed promptly and effectively, even if it does not involve formal litigation.
Remaining vigilant is crucial. Subtle signs — such as unusual withdrawals, missing possessions, sudden changes in estate plans or secretive behavior — can indicate exploitation. Playing an active role in your loved one’s financial life, monitoring for red flags, and seeking professional guidance can help prevent senior financial abuse by family members or stop it before it causes irreparable harm.
While it can be difficult to imagine a family member causing harm, financial stress can drive individuals to act uncharacteristically, sometimes at the expense of those they love most. When it comes to elder financial abuse, it is always better to act on concern than to give anyone the benefit of the doubt.
