Protecting Elders from Financial Abuse

by: Attorney Noyes

12/7/20232 min read

Elder financial exploitation is a growing concern that requires vigilance and understanding. At Noyes & Associates, we specialize in elder law and are committed to safeguarding the economic well-being of older adults. This article provides insights into identifying and preventing financial exploitation of older people.

1. Recognizing the Signs: Financial abuse can take many forms, from unauthorized use of funds to manipulation for financial gain. Common signs include sudden changes in bank accounts, unexplained withdrawals, and new, unusual economic activity. Being alert to these changes is the first step in prevention.

2. Understanding the Perpetrators: Often, financial abusers are people the elderly individual knows and trusts, such as family members, caregivers, or friends. It’s essential to be cautious, even with those who seem trustworthy.

3. Legal Tools for Protection: There are legal measures that can help protect older people from financial exploitation. Setting up a power of attorney, establishing trusts, and having straightforward, legally-binding wills and estate plans are crucial. Trustworthy individuals should manage these tools in the elders' best interests.

4. The Role of Guardianships: In cases where individuals can no longer manage their finances, legal guardianship can be a solution. This grants a guardian the authority to make financial decisions, but this power must be monitored to prevent abuse.

5. Encouraging Open Communication: Open and regular communication about financial matters can help prevent exploitation. Elders should feel comfortable discussing their finances with trusted family members or professionals.

6. Seeking Legal Help: If there is suspicion or evidence of financial abuse, it is vital to seek legal assistance immediately. An attorney specializing in elder law can provide guidance, help secure assets, and take legal action if necessary.

At Noyes & Associates, we understand the sensitive nature of elder financial exploitation and are dedicated to providing compassionate and effective legal solutions. Our team has the expertise to address these challenging situations and work towards securing our older clients' financial safety and well-being. If you or a loved one needs assistance in preventing or addressing elder financial abuse, please contact Noyes & Associates. We are here to help protect your rights and ensure your financial security.