Financial elder abuse is one of the most devastating—and often hidden—forms of exploitation affecting older adults. It occurs when someone illegally or improperly uses an elder’s money, property, or assets for personal gain. If you suspect that an elderly loved one is being taken advantage of financially, it’s important to act quickly. Early action can prevent further harm and help recover stolen assets.
1. Recognize the Warning Signs
Before taking action, look for red flags that may indicate financial elder abuse. Common warning signs include:
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Sudden or unexplained withdrawals or bank transfers
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Missing cash, jewelry, or personal items
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Abrupt changes to wills, trusts, or powers of attorney
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New “friends” or caregivers who take control of finances
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The elder appearing fearful, confused, or secretive about money
If you notice any of these signs, trust your instincts—financial elder abuse often occurs quietly and over time.
2. Talk to the Elder in a Safe Setting
Approach your loved one privately and with compassion. Many elders feel embarrassed, ashamed, or afraid to talk about money issues, especially if the abuser is someone they trust. Listen carefully and avoid making accusations in front of others. Gently ask questions about financial changes, new acquaintances, or recent decisions they may not fully understand.
3. Gather Evidence and Documentation
If possible, collect bank statements, receipts, account information, or correspondence related to suspicious transactions. Keep a written record of what you observe, including dates, amounts, and names involved. This information can be critical when reporting the situation or seeking legal action.
4. Report the Abuse to the Proper Authorities
Financial elder abuse is both a civil and criminal matter. In California and many other states, you can report suspected abuse to:
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Adult Protective Services (APS) – They investigate reports of elder abuse and can connect families with support services.
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Local law enforcement – If a crime has occurred, police can launch a criminal investigation.
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Financial institutions – Banks and investment firms may freeze accounts or flag suspicious activity once alerted.
5. Seek Legal Help from an Elder Abuse Attorney
A qualified elder law or financial elder abuse attorney in Los Angeles can help you take swift legal action. They can file for restitution, recover assets, and hold wrongdoers accountable. In some cases, punitive damages may also apply. Call the Boesch Law Group today for a free consultation.
Key Takeaway:
If you suspect financial elder abuse, act quickly and seek professional help. Protecting your loved one’s financial well-being may require both legal and emotional support.