By Sylvana Rinehart, Certified Concierge Care Advisor
Understanding and Preventing Elder Financial Abuse
Elder financial abuse has devastating effects on seniors and their families, often leaving victims feeling betrayed and financially devastated. While anyone can be a victim, seniors with cognitive impairments like Alzheimer’s or dementia are particularly vulnerable. This article explores the warning signs, perpetrators’ motives, and practical steps to prevent elder financial exploitation.
Raising Awareness Through Stories
During a recent continuing education session at Concierge Care Advisors, we hosted an Elder Law Attorney who shared valuable insights into elder financial abuse. One key takeaway was this: most financial exploitation comes from trusted individuals, including family members.
Unfortunately, many cases go unnoticed. My sister-in-law’s experience with her mother’s dementia highlights how subtle financial abuse can be. Surrounded by newfound “family members,” her mother became an easy target for manipulation—footing bills for outings and other expenses. Recognizing the signs earlier could have made all the difference.
Shocking Statistics You Need to Know
According to the National Adult Protective Services Association:
- 1 in 9 seniors reports abuse, neglect, or exploitation annually.
- 1 in 20 seniors experiences financial mistreatment.
- 90% of abusers are family members or trusted others.
Financial exploitation is now so prevalent that experts call it the “crime of the 21st century.”
Signs of Elder Financial Abuse
Common red flags include:
- Forging signatures on financial documents.
- Unexplained withdrawals or charges.
- Promises of lifelong care in exchange for financial gains.
- Sudden changes in wills or power of attorney designations.
- Pressure to “save money” by limiting spending.
Motivations Behind Financial Exploitation
Family members often rationalize their behavior with:
- Beliefs of entitlement to inheritances or assets.
- Financial hardship or substance abuse problems.
- Resentment toward other family members.
- Impatience for inheritance, also called “inheritance impatience.”
Prevention Tips: Start the Conversation Early
Preventing elder financial abuse starts with open, proactive communication. Discuss finances before emergencies or memory loss occur. While these conversations may feel uncomfortable, they are crucial in safeguarding loved ones.
If you suspect financial abuse, remember the advice of the Elder Law Attorney: “See something, say something.” Report concerns to local authorities or agencies like:
- Washington State Adult Protective Services: 1-877-734-6277
- Washington State Long-Term Care Ombudsman Program: 1-800-562-6028
Tune Into #TheSeniorSpotlight
For an in-depth discussion on elder abuse and how to prevent it, listen to Episode 5 of #TheSeniorSpotlight Podcast: Protecting Seniors from Elder Abuse. In this episode, Mary Cordova, Dr. Brian Ferris, and Dr. Alex De Moraes share their frontline experiences and expert insights on the many forms of elder abuse, including physical, emotional, and financial exploitation. Listen on our website, or anywhere you get your podcasts.
Call to Action:
At Concierge Care Advisors, we’re committed to helping seniors and their families navigate challenging situations, including preventing elder abuse. Contact us today for compassionate guidance.
