At Edwards Group, we believe planning ahead isn’t just about money—it’s about love, protection, and preserving peace of mind for your family.
Sadly, it’s all too common to hear stories of elder abuse — physical neglect or poor care in nursing facilities. Families go to great lengths to prevent this kind of harm—carefully choosing caregivers, checking credentials, and watching for red flags.
But there’s another form of elder abuse that is quieter, more deceptive, and growing at an alarming rate: financial exploitation.
Financial exploitation of seniors is one of the most common — and heartbreaking — issues aging families face. It’s often overlooked, but it can cause just as much damage as physical abuse.
What Is Financial Exploitation?
The American Bankers Association defines financial exploitation as “the illegal, unauthorized, or improper use of an older person’s funds, property, or assets.” But at its heart, it’s a betrayal of trust.
This kind of abuse doesn’t usually come from strangers. It often comes from someone the victim knows:
- A family member
- A caregiver
- A neighbor or “new friend”
- Even professionals like service providers
That’s what makes it so hard to spot. Many times, it’s only noticed after damage has been done.
Warning Signs to Watch For
If you’re a caregiver or adult child, be alert to these warning signs in your loved one:
- Sudden or unexplained changes in spending or bank activity
- Isolation from longtime friends or trusted family
- Abrupt changes to legal documents like Wills or Powers of Attorney
When these signs appear, it’s time for a serious conversation. But ideally, safeguards should already be in place to prevent this type of situation.
How Estate Planning Helps Protect Against Financial Exploitation of Seniors
A solid estate plan isn’t just about what happens when you pass away. It’s a powerful tool for protection while you’re still living, especially as you age.
Estate planning offers several tools that can prevent financial exploitation of seniors, helping families avoid the confusion, stress, and heartbreak that often come with this kind of abuse.
Here are four “estate planning” tools that can help protect against financial exploitation:
1. Powers of Attorney
This document allows someone you trust to make financial or legal decisions on your behalf. It’s especially important if you become ill or mentally incapacitated. Choosing the right “helper” now—while you are still clear-headed—means you won’t have to rely on someone later when you’re more vulnerable.
2. Trusts
A trust can add a layer of protection between your assets and anyone with bad intentions. You decide the rules, and your trustee follows them. It’s a great way to ensure your money is used only how you intend—and to deter those who might try to take advantage.
3. Health Care Directives
This legal document gives someone the authority to speak for you in medical situations. It’s not just about end-of-life care—it’s about protecting your autonomy if you can’t speak for yourself. A good plan means your medical wishes will be honored, and your health won’t become a tool for someone else’s gain.
4. Guardianship Planning
Naming a guardian ahead of time gives you the power to choose who makes personal care decisions for you if you reach a point of serious incapacity. Without a plan, courts may step in—or worse, someone untrustworthy might try to take control.
The Importance of Having “The Conversation”
For older adults:
Let your loved ones know that you want a plan in place. Invite them into the process. Reassure them this is about your protection and peace of mind—not about giving up control.
For adult children or caregivers:
Approach the topic with love, not fear. Start the conversation gently. You might say, “I know this is hard to talk about, but I want to make sure you’re safe, no matter what happens.”
We also encourage families to attend one of our free educational workshops together—it’s a comfortable way to begin those difficult conversations with expert guidance.
You Don’t Have to Do This Alone
At Edwards Group, helping families protect themselves from elder fraud and exploitation is part of what we do every day. We walk with you through a planning process that gives you confidence, protects what you’ve worked hard for, and makes things easier for the people you love.
If you’re worried about a loved one—or you want to make sure your own plan is secure—reach out. You can attend one of our free workshops, or call us to schedule an Initial Meeting or an Elder Care Consultation.
Protecting your future is one of the most powerful gifts you can give your family.
Let’s plan together—so no one has to face the unthinkable alone.