Recognizing Elder Abuse: A Financial Perspective on Protecting Seniors
Each year in June, World Elder Abuse Awareness Day calls global attention to an issue that often remains in the shadows. While elder abuse can take many forms—physical, emotional, or neglect—one of the most insidious areas of abuse is financial exploitation, which often goes unnoticed until it’s too late.
At Litman Gregory Wealth Management, we view financial stewardship not just as managing portfolios and supporting strategic wealth planning, but also as helping protect clients and their families through all stages of life, including during the later years when vulnerabilities can increase.
We have seen that the financial abuse of older adults may manifest subtly. It can include unexpected account activity, apparent legitimate requests for personal information, pressure to alter estate plans, or increasing isolation from trusted individuals. In some cases, the perpetrators are strangers; in others, they may be family members, caregivers, or acquaintances. The effects are not only monetary but deeply personal, eroding independence and trust.
Addressing these risks requires more than vigilance—it requires conversation and planning. Families should feel empowered to speak openly with aging loved ones about their finances. Discussions around durable powers of attorney, account monitoring, and trusted contacts should be viewed not as intrusive, but as essential elements of long-term security. It is equally important for seniors to stay engaged—socially and financially—and to understand the tools available to them. Clear documentation, regular financial reviews, education about fraudulent activities and attempts, and professional advice can serve as safeguards against exploitation.
As part of our fiduciary responsibility, we encourage clients to include elder protection strategies in their broader financial planning. Whether it’s identifying a trusted contact to assist in the event of suspicious activity, or ensuring estate documents reflect a client’s current wishes, proactive steps today can prevent hardship tomorrow.
Ultimately, Elder Abuse Awareness Day serves as a reminder that financial security is about more than numbers—it’s about preserving autonomy, dignity, and peace of mind. We all have a role to play in ensuring that the older members of our communities are protected and respected.
If you have questions about safeguarding the financial well-being of a senior in your life, we welcome the opportunity to support you in building the right plan.