Financial Elder Abuse

 Posted on March 05, 2026 in Elder Law

According to the American Association of Retired Persons (AARP), an estimated 10,000 people turn 65 every day in the U.S. Sadly, that growing population has also attracted people who want to take advantage of them. As the population of older adults in the United States continues to grow, financial elder abuse has become one of the most serious and widespread problems facing seniors in 2026.

If you are worried that someone you love is being financially exploited, a Denton County elder law attorney can help you take action to protect them.

What Is Financial Elder Abuse?

Financial elder abuse happens when someone uses an older person's money or assets for their own benefit without that person's permission or full understanding. It can be hard to detect, especially when a trusted person is involved.

The person committing the abuse is often someone the elderly individual knows and trusts. This could be a family member, caregiver, neighbor, or family friend. Because seniors in care settings may have reduced mental capacity and less regular contact with outside family members, they are especially vulnerable.

Common Forms of Financial Elder Abuse

Financial abuse can look different from case to case. Some of the most common examples include:

• Taking money without the elderly person's knowledge or permission
• Borrowing money and never repaying it
• Lying about what a senior's money is being used for
• Overcharging for services or inflating costs to pocket the difference
• Pressuring an elderly person to sign over financial control or change a will

Victims are often ashamed or embarrassed to say anything, even when they suspect something is wrong. This silence can allow the abuse to continue for months or even years, sometimes resulting in the loss of hundreds of thousands of dollars.

The emotional damage caused by financial elder abuse should not be underestimated. In 2026, advocates and elder law attorneys continue to raise awareness that this type of exploitation leaves lasting harm on a senior's sense of safety and self-worth, not just their bank account. The Consumer Financial Protection Bureau lists four steps to take to prevent and stop financial elder abuse: Prevent, Recognize, Record, Protect.

How Can I Prevent Financial Elder Abuse?

They say an ounce of prevention is worth a pound of cure. Taking steps early can make it much harder for bad actors to exploit a vulnerable loved one. Some practical ways to reduce the risk include:

• Set up account alerts through your loved one's bank to flag unusual transactions
• Make sure more than one trusted person has visibility into their finances
• Be cautious about who has power of attorney
• Check in regularly, especially if they live in a care facility
• Talk openly with your elderly loved one about the risks of financial exploitation

Taking steps early can make it much harder for bad actors to exploit a vulnerable loved one.

How Can I Tell If My Loved One Is Being Financially Abused?

Recognizing the signs of financial elder abuse is an important first step in stopping it. There are several warning signs that may indicate something is wrong. Warning signs may include:

• Sudden changes to a will, trust, or power of attorney
• Unexplained withdrawals from bank accounts
• New individuals with unexplained influence over the elderly person's finances
• Unpaid bills or missing funds despite what appears to be a stable income
• The elderly person seems confused or fearful when asked about money
• A caregiver or family member seems to be living beyond their means

If you are worried that any of these warning signs are present - or even if you gut tells you something is off - pay attention and dig deeper.

Where Do I Report Financial Elder Abuse in Texas?

Texas law, including Texas Human Resources Code Chapter 48, gives state agencies the power to investigate reports of elder abuse and step in to protect victims. Where you report the abuse depends on where your loved one lives. Here are some of the options for reporting elder abuse in Texas: 

• If the elderly person lives at home or with a family member and is not in a care facility, report the abuse to Adult Protective Services (APS).
• If the elderly person lives in a nursing home or assisted living facility, report to the Texas Health and Human Services Commission.
• If the elderly person lives in a long-term care facility funded by Medicaid, contact the Texas Attorney General's Medicaid Fraud Control Unit.

In addition to reporting to the proper authorities, you should document what you have seen. Write down dates, amounts, and any conversations or behaviors that raise your concern. Save bank statements, emails, or other records that may be useful later.

If you are not sure where to start or if the situation is complex, a Texas elder law attorney can help you identify the right path forward and make sure the right people are notified.

Call a Flower Mound, TX Elder Law Attorney Today

Financial elder abuse is a serious legal matter, and the people responsible for it need to be held accountable. If you believe a loved one is being taken advantage of, do not wait.

At Colbert Law Group PLLC, Attorney Colbert is ready to help your family take action. His experience includes serving as an administrative law judge as well as a tribal judge for the Chickasaw Indian Nation. With deep roots in the Denton County community, Colbert Law Group PLLC is well-positioned to protect the rights of elderly Texans who have been wronged. Call 972-724-3338 today to schedule your initial consultation with a Denton County elder law lawyer.