As our loved ones age, they deserve respect, care, and the freedom to live with dignity. Yet every year, millions of older Americans fall victim to financial exploitation — often at the hands of people they know and trust. Elder abuse is one of the fastest-growing crimes in the United States.
Elder abuse can be physical, emotional, sexual, financial, or take the form of neglect or abandonment — often occurring behind closed doors and at the hands of family members or caregivers. Victims are frequently isolated, dependent, or struggling with health challenges, which makes them vulnerable and reluctant to report abuse out of fear, shame, or reliance on the abuser for care. In addition to financial exploitation, elder abuse can take other forms such as intimidation to comply with day to day demands, emotional manipulation to exclude family members or friends, and even healthcare fraud by unethical providers.
Spotlight on Elder Financial Abuse
Elder financial abuse occurs when someone takes money, property, or assets belonging to an older adult without their consent. The abuse can take many forms—unauthorized withdrawals from a bank account, pressuring an elder to change their estate plan, misuse of powers of attorney, and/or outright theft.
According to the National Council on Aging, financial exploitation costs older Americans billions of dollars each year, and many cases go unreported. Often, the abuse is committed by a family member, caregiver, or trusted advisor. For victims, the damage extends far beyond financial loss—it shatters trust, independence, and emotional well-being.
Wendy Williams: Guardianship Gone Wrong?
The world watched with concern as the story of former talk show host Wendy Williams unfolded. Once a vibrant and outspoken media figure, Williams was placed under a financial guardianship after her bank raised concerns about financial exploitation and dementia concerns.
While the intent of guardianship is to protect, Williams’s case highlights how complex and controversial such arrangements can become. Reports suggest that she felt isolated, lacked control over her own finances, and was unable to access funds for basic needs.
Williams’s situation reinforces why advance planning — through durable powers of attorney, trusts, and clear financial safeguards — is essential. A well-drafted estate plan allows individuals to choose who will manage their affairs and how those powers may be used, long before a crisis arises.
Stan Lee: Trust Betrayed
Just a few years before Williams, the late Stan Lee, creator of Marvel’s most beloved superheroes, became the center of another troubling case of elder exploitation. After losing his wife and facing health challenges, Lee was surrounded by a rotating cast of caregivers, business associates, and advisors—some of whom were later accused of isolating him, misusing his funds, and manipulating his signature on legal documents.
Lee’s daughter ultimately sought legal intervention, but not before millions of dollars reportedly went missing. His story revealed how isolation, cognitive decline, and misplaced trust can create the perfect environment for exploitation. The takeaway from Lee’s case is clear: transparency, oversight, and proactive legal planning can go a long way toward preventing abuse before it starts.
Warning Signs
Financial abuse can be difficult to prove, but certain signs may indicate that an elder is being exploited. These include unexplained withdrawals, missing property, changes in beneficiaries, or increasing isolation from friends and family. Emotional cues, such as anxiety around a specific person or reluctance to discuss finances, can also be warning flags.
Safeguards Against Elder Abuse:
- Durable Power of Attorney: Name a trusted agent but limit their authority — no major changes without court approval.
- Revocable Living Trust: Set clear terms so updates must align with your original estate goals.
- Random Audits: Schedule surprise reviews to keep finances transparent and accountable.
Legal planning plays a critical role in preventing elder abuse — especially the kind that arises not from malice, but from misguided “good intentions.” As we age, family members often step in to manage finances, healthcare, and property decisions. While they are usually well-meaning, this situation can easily give way to the belief by one person “on the ground” who believes that they know best. They may start making significant decisions (i.e., selling a home, moving a parent into care, or managing accounts) without consulting other relatives. This mindset becomes even more problematic when other family members live out of state and are less involved in day-to-day matters.
Proactive planning ensures that every decision is documented and every action reflects the older adult’s best interests.
Critical Legal Estate Planning
Proper legal planning is one of the most effective ways to safeguard older adults from confusion, conflict, and potential abuse. Legal tools such as durable powers of attorney, healthcare directives, and trustsallow elders to clearly define who will make decisions for them and under what circumstances. These documents ensure that choices about finances, healthcare, and property reflect the elder’s own wishes — not to the convenience or financially benefit others.
When thoughtfully prepared and shared with key family members, estate plans promote transparency and reduce the likelihood of disputes or secrecy. They make it far more difficult for any one person to act unilaterally, misuse authority, or make major decisions without oversight. By outlining clear roles and responsibilities, legal planning helps families work together rather than against each other. A comprehensive plan also prevents misunderstandings that often lead to fractured relationships or unintentional exploitation.
Protect Our Elders
Beyond the legal tools and procedural safeguards, elder protection begins with a mindset: recognizing the inherent worth, dignity, and wisdom of older adults. They are not burdens — they are the storytellers, mentors, and often the people who hold our families together by insisting on traditions and values that we will enjoy for years to come. In short, proactive legal planning is not just about legal estate planning documents— it is a system of checks and balances that honors the elder’s wishes in their final years.
Pope Francis reminded us to honor and love our elderly:
Please, care for old people … because they are the presence of history, the presence of the family. And it is thanks to them we are here. Please, do not leave them alone.”
If you are in need of assistance, the attorneys at Collins Family & Elder Law Group can help.
