Financial exploitation can take many forms, and unfortunately it can happen within personal relationships. Sometimes it’s a long-time relative or friend who gains too much influence over money decisions. Other times, it’s a newer figure — a caregiver, neighbor, or companion — who slowly becomes involved in financial matters. Whatever the situation, the results can be devastating if no one notices the warning signs.
Warning Signs to Watch
The red flags are not always obvious, but a few patterns come up again and again. Unexplained withdrawals or transfers may point to someone else accessing an account. A sudden change to a will, trust, or power of attorney that favors one person is another sign to look out for. If a senior starts becoming isolated, with visits or phone calls cut back, that can also raise concerns. New “friends” who
quickly become central to financial or personal decisions deserve attention, especially if they resist input from others. Even small things, like jewelry or keepsakes disappearing from the home, should not be ignored.
What Families Can Do
If something seems off, start by talking with your loved one in a calm and supportive way. Ask gentle questions and give them space to share what’s happening. It may also help to sit down together and review account statements. Often a second set of eyes can catch unusual charges or withdrawals.
Families should also make sure the right legal documents are in place. Powers of attorney, trusts, and joint accounts can all provide protection when set up carefully, ideally with the help of a professional. If worries remain, don’t hesitate to bring in outside support. Attorneys, financial advisors, or even a trusted banker can offer guidance. And if the situation looks serious, Adult Protective Services or local law enforcement can step in to investigate.
Why Oversight Matters
Access to money can create problems, even when someone doesn’t intend harm at the start. Putting safeguards in place, such as requiring two people to approve large transactions or naming a neutral trustee, can lower the risk and protect everyone involved.
Protecting against financial exploitation is about more than money — it’s about making sure your loved one’s resources are there for their care and their future. A little oversight and the right planning can provide real peace of mind.
At Roth Elder Law, we help families put protections in place so seniors can age with security and dignity. If you’re worried about financial safety for yourself or someone close to you, call our office at 607-962-6162 or use the contact form on our website, and we’ll follow up to set a time that works for you.