Financial abuse of the elderly is one of the most common and underreported forms of elder abuse. It can happen slowly over time or in a single, devastating act. In either case, the consequences are serious: lost savings, unpaid bills, and emotional harm.
At Hollingsworth PLLC, we help families across Virginia understand and respond to elder financial abuse. Here is what you need to know.
What Is Elder Financial Abuse?
In Virginia, elder financial abuse, also called financial exploitation, occurs when someone improperly or illegally uses an older adult’s money, property, or assets for personal benefit. This can include theft, fraud, coercion, or misuse of authority. Often, the person committing the abuse is someone the elder trusts.
Who Commits Financial Abuse?
Abusers are often close to the victim. This includes:
- Family members
- Caregivers
- Legal guardians or powers of attorney
- Neighbors or friends
- Financial advisors or professionals
These individuals often have easy access to the elder’s bank accounts, legal documents, or personal property.
Common Examples of Financial Abuse
Financial abuse can take many forms. Some of the most common include:
- Stealing money or possessions
- Forging checks or using a victim’s credit card without permission
- Pressuring or tricking someone into changing a Last Will or Testament or a power of attorney
- Charging excessive fees for caregiving or services
- Transferring property or accounts without informed consent
- Misusing a power of attorney
- Opening new accounts or taking out loans in the elder’s name
Even small amounts taken over time can drain life savings.
Signs to Watch For
Family members, friends, and professionals should look out for red flags, such as:
- Sudden changes in bank activity
- Unpaid bills despite having sufficient funds
- Missing possessions or documents
- A new “friend” or caregiver who isolates the elder
- Changes to legal documents that the elder doesn’t fully understand
- The elder appears confused, fearful, or withdrawn
Legal Protections in Place
Virginia law offers several tools to protect seniors from financial abuse. These include:
- Civil lawsuits to recover stolen assets
- Criminal charges, such as larceny, fraud, or exploitation of incapacitated adults
- Emergency protective orders
- Guardianship or conservatorship proceedings
The Code of Virginia § 63.2-1606 allows Adult Protective Services (APS) to investigate reports of financial exploitation. Certain professionals, such as doctors and social workers, are legally required to report suspected abuse.
Financial institutions are also empowered to delay or refuse suspicious transactions. Under Virginia law, they can report suspected elder exploitation without violating privacy rules.
What Should You Do If You Suspect Financial Abuse?
Take action as soon as possible. Delays can lead to further loss.
- Speak privately with the elder. Ask gentle, open-ended questions.
- Document what you see, including unusual transactions or behavior.
- Report the abuse to Virginia Adult Protective Services at 1-888-832-3858 or online through the Virginia Department for Aging and Rehabilitative Services.
- Alert any involved banks or financial institutions.
- Contact an elder law attorney to help take legal steps, such as freezing assets or filing a lawsuit.
An experienced attorney can also help remove a dishonest agent under a power of attorney and recover damages through the court system.
Prevention Tips
Preventing financial abuse begins with open communication and effective planning. Families should:
- Have clear, written financial plans
- Use trusted professionals for estate planning
- Limit the scope of powers of attorney
- Check in regularly on the elder’s well-being and financial condition
Seniors should always feel safe saying no, asking questions, and reporting concerns.
To Learn More About Financial Abuse, Contact Us Today
Financial abuse can rob an older adult of their independence, security, and dignity. But with the right legal support, victims and their families can take back control.
If you suspect financial exploitation of a loved one, Hollingsworth PLLC is here to help. Our firm is committed to protecting Virginia’s seniors and holding those who abuse them accountable. Contact us today to discuss your legal options.