What is elder financial abuse?

Elder financial abuse is a type of financial exploitation of elderly individuals perpetrated by caretakers, family members, or other people. It involves the misuse of an elderly person’s funds, assets, or property without their knowledge or consent. Elder financial abuse can take many forms, from outright theft to more subtle abuses such as taking advantage of an elderly person’s mental and physical limitations. In North Carolina, elder financial abuse is a crime that carries severe criminal penalties. For example, a person who is found guilty of financial exploitation of an elderly person may face a minimum of a Class 2 misdemeanor and a maximum of a Class E felony. Penalties may include incarceration, fines, restitution, or a combination of all three. It is important to protect an elderly person’s financial wellbeing. Signs of elder financial abuse may include sudden changes in bank accounts, sudden uncharacteristic purchases, questionable transactions, and the sudden disappearance of funds or property. Allowing an elderly person to maintain as much autonomy as possible, monitoring accounts regularly, and handling all financial transactions carefully can help to prevent financial exploitation.

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What is elder financial abuse?

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