Preventing Elder Financial Abuse: Red Flags to Watch For

Seeing your parents, grandparents, and other relatives grow old can be bittersweet. Though there are many joys in getting to one’s golden years, there are also a number of new areas of concern that responsible caretakers and relatives should be aware of, including elder financial abuse.

Elder financial abuse (also called financial exploitation) is any fraud or otherwise illegal or improper activity that uses the assets, belongings, benefits, or resources of an older person for financial gain. Unfortunately, this abuse is often perpetrated by the people responsible for a senior’s care, including their children and other caregivers. If you’re a caregiver or loved one of an elder, here are some types and examples of financial abuse and fraud to be aware of – and some red flags to watch out for.

 

Types of elder financial abuse

There are a number of different scams and tactics used to financially exploit elderly people, including: