Financial elder abuse is one of the most common — and devastating — forms of exploitation affecting seniors today. In California alone, thousands of new cases are reported each year, with many more going unreported. Financial exploitation can drain life savings, create unnecessary stress, and leave vulnerable older adults without the resources they need.
The best way to stop financial elder abuse is to recognize the warning signs early and take action.
What Is Considered Financial Elder Abuse?
Financial elder abuse happens when someone improperly or illegally uses an older adult’s money, assets, or property for their own benefit. This could include:
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Stealing cash, checks, or personal property
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Pressuring a senior into signing documents such as wills or powers of attorney
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Misusing credit cards or bank accounts
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Running scams or fraudulent investments
Abusers are not always strangers — they can be caregivers, family members, neighbors, or even trusted financial advisors.
What Are the Warning Signs of Financial Elder Abuse?
1. Unexplained Bank Activity
Large withdrawals, wire transfers, or ATM usage that the senior cannot explain often point to exploitation.
2. Missing Money or Property
Valuables, personal belongings, or important documents suddenly disappear. Seniors may even unknowingly sign away ownership of property or assets.
3. Sudden Changes in Legal or Financial Documents
If a will, trust, deed, or power of attorney is changed suddenly — especially in favor of a new caregiver, friend, or distant relative — this is a serious red flag.
4. Unpaid Bills or Financial Struggles
When a senior who has always managed money well suddenly struggles to pay rent, medical bills, or utilities, it may mean someone else is misusing their funds.
5. Isolation from Family and Friends
Financial abusers often isolate seniors to prevent outside influence. If loved ones are cut off or visits are restricted, it may signal manipulation.
6. Fear or Confusion Around Money
If a senior becomes anxious, defensive, or confused when asked about finances, it may be because they are being pressured or exploited.
7. Suspicious Purchases or Services
Look for unnecessary services, repeated “donations,” or purchases your loved one doesn’t remember making.
8. New or Unusual Relationships
A sudden close friendship or romance, especially when money starts to change hands, may be an attempt at financial exploitation.
How Can You Protect Seniors From Financial Elder Abuse?
If you notice any of these warning signs, take action right away:
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Review financial statements regularly for unusual activity.
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Talk openly with your loved one about money and decision-making.
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Consult a financial elder abuse attorney if documents like wills or property deeds change unexpectedly.
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Report suspected abuse to Adult Protective Services or local law enforcement.
FAQ: Financial Elder Abuse
Q: What is the most common form of elder financial abuse?
A: The most common forms include misuse of bank accounts, credit cards, scams, and coercion to change wills or property documents.
Q: Who typically commits financial elder abuse?
A: Sadly, it’s often someone the senior knows and trusts — such as a caregiver, family member, or financial advisor.
Q: What should I do if I suspect elder financial abuse?
A: Document suspicious activity, talk to your loved one, and report your concerns to Adult Protective Services or an elder law attorney.
Recognizing the signs of financial elder abuse is the first step to protecting seniors from exploitation. By watching for unusual financial activity, sudden changes in relationships, or unexplained legal document updates, you can help safeguard your loved one’s future.
If you suspect financial elder abuse, don’t wait — contact the Los Angeles elder abuse attorneys at Boesch Law Group for a free consultation.