What is elder financial exploitation?
Financial exploitation of an elder is the illegal or improper use, control over, or withholding of property, income, resources, or trust funds of an older adult by another person or entity for that person’s or entity’s profit or advantage.
What are the signs of elder financial exploitation?
• Large, frequent, or unexplained account withdrawals, transfers, or charges • ATM withdrawals or transfers where the elder doesn’t use an ATM machine • Non-sufficient fund activity • New pattern of writing checks to “cash” • Uncharacteristic wiring of funds • Uncharacteristic credit card balance • Uncharacteristic spending or gifting • Naming of new or suspicious person as joint accountholder • Checks written as “loans” or “gifts” to new or suspicious person • Sudden changes to an older adult’s will, trust, or power of attorney • Hiring new attorney to draft/make changes to elder’s legal documents rather than using elder’s previous attorney • Appearance of new “best friend” who isolates or controls older person • Unpaid bills • Closing of CDs or other accounts without regard to penalties
