As people age, they may become more vulnerable to financial abuse and exploitation. This can be due to physical or cognitive decline, isolation, or other factors. Protecting their finances can help prevent them from falling victim to scams, fraud, or financial mismanagement.

Some signs of financial abuse include sudden changes in spending habits, unexplained withdrawals or transfers of money, unpaid bills, missing valuables, and the presence of new acquaintances who seem to have undue influence over the elder’s finances.

There are several steps that family members can take to help protect their elderly relatives’ finances. These include monitoring bank statements and credit card bills, setting up automatic payments for bills, limiting access to online accounts, and creating a power of attorney document that designates someone to manage the elder’s finances in the event that they become unable to do so themselves.

If family members suspect that their elderly relative is experiencing financial abuse, they should report it immediately to the appropriate authorities. This can include local law enforcement, adult protective services, or the state attorney general’s office. They should also consider consulting with an attorney who specializes in elder law to explore legal options for protecting their loved one’s finances.