Financial Elder Abuse

Here’s what you can do to help protect the seniors in your life:

• Stay informed: Be aware of the common signs of financial exploitation, such as sudden changes in accounts, estate planning documents, or unexplained withdrawals or spending.

• Communicate: Maintain open lines of communication with elderly family members about their financial matters.

• Report suspicions: If you suspect that an elderly person is being financially exploited, it's crucial to report it. You can contact local adult protective services, law enforcement, and financial institutions where they hold accounts.

• Talk about money: Talk to your aging parents about money and creating a financial plan to manage their affairs. Learn more at Aging Parents? 5 Money Topics to Discuss.

Here’s how seniors can protect themselves:

• Stay connected: Keep in touch with loved ones and remain active in your community to reduce isolation and vulnerability.

• Regularly review your finances: If you have questions, seek assistance from a trusted family member, a financial advisor, or an attorney. Find out more about how to prepare at Planning for the Challenges of Aging.

• Know your rights: Learn about your rights and the resources available to you. This includes understanding how to use legal tools like powers of attorney and wills. Check out our Financial Caregiving 101 article to learn more.

• Add a trusted contact: Designate a trusted contact to provide another layer of protection to help keep your accounts safe. You can find out more about trusted contacts by reading this article.

• Seek professional advice: Consult with professionals when making significant decisions, especially those involving legal, financial, or health matters.

• Protect your personal information: Don't give out your Social Security, credit card, or bank account numbers over phone or email.

This article provided by: The Charles Schwab Corporation