Definition of Financial Elder Abuse

Elder Financial Abuse

Financial elder abuse is a form of exploitation where someone illegally or improperly uses an older adult’s money, property, or assets for personal gain—often without the elder’s knowledge, understanding, or consent.

🧓💰 Key Elements of Financial Elder Abuse

  1. Victim: Typically someone aged 60 or older, though in some jurisdictions, the threshold may vary (e.g., 65+).

  2. Perpetrator: Can be a family member, caregiver, trustee, financial advisor, friend, or even a stranger.

  3. Act: The misuse or theft of financial resources through:

    • Fraud

    • Coercion or manipulation

    • Forgery

    • Misuse of power of attorney or trust authority

    • Unauthorized withdrawals or property transfers

🚩 Examples

  • Convincing an elder to sign over property or change a will under pressure.

  • A trustee using trust funds for their own personal expenses.

  • A caregiver writing checks to themselves from the elder’s account.

  • Deceiving an elder into making fraudulent investments.

  • Isolating the elder to gain control of finances.

📜 Legal Implications

Financial elder abuse can lead to:

  • Civil lawsuits for damages

  • Criminal charges (theft, fraud, elder abuse)

  • Restitution orders to repay stolen assets

  • Removal of fiduciaries like trustees or conservators

🛡️ Fiduciary Responsibility

If someone has legal authority over the elder’s finances (like a trustee or power of attorney), they are held to a high standard of care. Breaching this can be strong evidence of financial elder abuse.