Trust, but Verify: How to Protect Seniors from Financial Exploitation
Understanding the Risk
Each May, we observe National Elder Law Month, a nationwide effort led by the National Academy of Elder Law Attorneys (NAELA) to raise awareness about the legal challenges facing older adults and their families. It’s a time to spotlight important issues like estate planning, long-term care, and protection from financial exploitation.
As an elder law attorney serving the greater Nashville area, one of the most pressing concerns we hear from clients is how to protect seniors from financial exploitation—a crime that affects millions of seniors each yearn. It’s an important—and necessary—conversation.
As we age, we may become more dependent on others for support. That vulnerability, especially when paired with cognitive changes, can increase the risk of financial abuse. According to AARP, older Americans lose more than $28 billion each year to financial exploitation.
The good news? There are proactive steps you can take to protect yourself or a loved one.
Common Ways Seniors Are Financially Exploited
Financial abuse can take many forms. Some of the most common situations include:
Being pressured to sign documents like a will, trust, or power of attorney
Misuse of money or property by someone with access
Restricted access to accounts or hidden financial information
Being charged for unnecessary care or services
Unfortunately, the abuser is often someone the senior knows and trusts. That’s why it’s essential to spot the signs early.
Plan Ahead to Stay Protected
One of the best defenses against financial abuse is planning ahead with an experienced elder law attorney. Here’s how you can reduce the risk:
Set up a legally sound power of attorney or trust
Meet privately with your attorney at least once to ensure decisions are made freely
Choose the right fiduciary—someone trustworthy, not necessarily a family member
Consider oversight from a third party or trust protector when needed
These legal tools offer protection and clarity—now and in the future.
What to Do if You Suspect Financial Abuse
If you suspect financial exploitation, don’t wait to take action. Here's what you can do:
Report it to Adult Protective Services or local law enforcement
Build a team—this may include an elder law attorney, financial advisor, or social worker
Take legal steps, such as:
Removing access to accounts and assets
Appointing an interim fiduciary to manage finances
Establishing legal guardianship or conservatorship if the senior can no longer manage their own affairs
Recovering stolen assets through legal action
Seeking protective orders or injunctions to prevent future harm
We understand how emotional and overwhelming these situations can be. Our goal is to guide you with compassion and clear legal steps that lead to stability and peace of mind.
We're here to help
At our boutique elder law firm, we’re passionate about helping older adults stay safe, informed, and empowered. Whether you're looking to protect yourself or someone you love from potential financial abuse—or you're already dealing with a difficult situation—we’re here to support you every step of the way.
Feel free to reach out for a consultation at (615) 989-7054. We’ll talk through your concerns, answer your questions, and work together on a plan that’s right for you.
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The point about choosing a fiduciary who is trustworthy rather than automatically a family member is worth emphasizing, since most exploitation comes from someone close to the senior. I wonder how families should handle the awkward conversation when a relative expects to serve in that role but may not be the best choice. Could naming a neutral third party or trust protector reduce both the risk and the family tension before any capacity concerns arise?
See also: https://slayer2.org/
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