Recognizing the Early Signs of Financial Exploitation—and What You Can Do About It

Elder financial exploitation often doesn’t begin with blatant theft or a large-scale scam. It usually starts with minor, gradual changes:

• A new acquaintance suddenly becomes a regular presence.
• A caregiver is added to a bank account.
• A family member begins requesting money more often and reacts defensively or evasively to questions.

These early warning signs are easy to overlook, especially if the elder still seems to be managing well. But even subtle shifts can indicate deeper issues. In our experience, the earlier families recognize and address these signs, the better they can safeguard their loved one and their legacy.

Why Early Documentation Matters

If you’re worried that a parent or older relative may be at risk of exploitation, trust your instincts and start documenting right away. Often, the legal system needs concrete, ongoing patterns before taking action, making early and thorough records essential.

Here’s how to get started:

• Make detailed notes of any suspicious incidents, including dates, times, and specifics.
• Keep all emails or text messages related to financial matters or access requests.
• Regularly check financial statements for unusual transactions or changes.
• Store copies of important legal documents, such as powers of attorney or trusts.

Even if your concerns don’t lead to immediate action, having this documentation ready can be incredibly helpful should you need to intervene later.

Legal Options to Consider

If your concerns grow or the situation escalates, there are legal steps you can take, often with support from an experienced elder law attorney:

1. Guardianship or Conservatorship
: When a loved one can no longer handle their personal or financial affairs and is at risk of exploitation, you can ask the court to appoint a guardian (for personal matters) or conservator (for economic issues). This grants the authority to protect them, though it requires court oversight.
2. Freezing or Limiting Access to Accounts:
If you have the appropriate legal authority, you may be able to temporarily block access to specific accounts to prevent further financial harm. At the same time, you pursue a more permanent solution.
3. Challenging Fraudulent Transfers or Gifts:
If assets have been transferred under undue pressure or manipulation, you may be able to contest these actions and seek to recover property or funds.

Each of these actions can provide vital protection during difficult times.

You Don’t Have to Do This Alone

It’s tough to see a loved one influenced or harmed, particularly when the harm is subtle or coming from someone they trust. These situations are emotionally and legally challenging.

That’s why we handle each case of suspected financial exploitation with care, discretion, and a thoughtful strategy.