An Ounce of Prevention….

Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)
Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)

An Ounce of Prevention….

Elder financial exploitation is one of the fastest-growing crimes in the U.S., costing older Americans an estimated $36.5 billion annually. As people age, they often become targets of financial abuse due to cognitive decline, social isolation, or accumulated assets. Vigilance, education, and proactive planning are key to protecting seniors from falling victim to this deeply personal crime.

Detecting Exploitation

Warning signs of financial exploitation can be subtle or sudden. Loved ones should watch for:

Unusual banking activity, such as large or frequent withdrawals, inconsistent with a senior’s spending history.

Changes in legal documents, including wills, powers of attorney, or deeds, especially if made under suspicious circumstances or under pressure.

Missing funds or possessions, unexplained purchases, or bills going unpaid.

New friends or caregivers who exert unusual influence or appear overly interested in the senior’s finances.

Isolation from family and trusted advisors, which may be orchestrated by a manipulative party.

Family members, financial advisors, and faith or community leaders should maintain open lines of communication and conduct regular check-ins.

Preventive Measures

Preventing financial exploitation begins with education and planning. Seniors and their families should:

Establish trusted financial representatives, such as a durable power of attorney, while the elder is mentally capable. Choose someone with integrity and financial literacy.

Consolidate accounts to simplify monitoring and reduce the chances of unauthorized access.

Use alerts and safeguards—many banks now offer transaction alerts and account view-only access for family members.

Conduct annual reviews of financial and legal documents with a certified professional or elder law attorney.

Avoid joint accounts with non-spouse individuals, as they can lead to misuse without legal recourse.

I encourage folks to attend workshops on scams, identity theft, and financial literacy or call Attorney General Kwame Raoul’s Senior Citizens Consumer Fraud Helpline,, please call 1-800-243-5377 or email seniorhelpline@ilag.gov.  An ounce of prevention is worth a ton of cure.


Bye for now,

Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)


THIS WEEK’S QUIZ:  What is the best way to evaluate your MEDICARE coverage?

 

Answer to last week’s quiz: As of 2025, the full retirement age (FRA) for Social Security benefits has officially increased to 67 for individuals born in 1960 or later.

To get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.

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