Steps to Protect Against the Financial Abuse of Senior Adults

As people get older, they often need to rely on others for various kinds of help and are more likely to suffer from Alzheimer's disease or other forms of dementia. Consequently, as people age, they are more vulnerable to being financially taken advantage of, sometimes even by people they trust. A recent study by AARP estimates that financial exploitation costs adults aged 60 and older $28.3 billion annually.[1] Fortunately, there are some proactive steps that can be taken to prevent financial abuse before it occurs. In addition, older people and the family members and friends acting on their behalf have protective and remedial actions available if they discover that financial abuse has occurred.