Skip to content
Search

Latest Stories

Top Stories

Older adults need protection from financial abuse by family members

Senior older, depressed woman sitting alone in bedroom at home
Kiwis/Getty Images
A mentor once told me that we take better care of our pets than we do older victims of mistreatment. As a researcher, I have sat across from people, including grown men, crying while recounting harrowing experiences of discovering and confronting elder financial exploitation within their families — by siblings, sons and daughters, nieces and nephews, girlfriends and neighbors. Intervening and helping victimized older people comes at a tremendous cost to caring family members. Currently, no caregiving or other policy rewards them for the time, labor, or emotional and relationship toll that results from helping to unravel financial abuse.

Only one out of an estimated 44 financial abuse cases receive service in the formal system (help other than from family and friend networks). This obscures the labor involved in helping older victims of family financial abuse. Older adults are reluctant to report to authorities to avoid embarrassment or menacing perpetrator’s aggravation.

Despite the private and hidden nature of the problem, some extreme cases of family financial exploitation have made public headlines. In January, Maxine McManaman, the Transportation Security Administration’s assistant federal security director, was arrested on charges of financially exploiting a family member with dementia. Eight years ago, a case of financial exploitation by David Vanzo, a “caregiving” son, made headlines due to suspicion of his mother being dead in a wheelchair when he brought her to a bank to withdraw money. In 2011, actor Mickey Rooney testified before a special U.S. Senate committee recounting his own financial exploitation by family members.

Unlike policies protecting vulnerable children, policies protecting vulnerable older adults have historically lacked direction, assessment tools, national reporting system, federal response and, importantly, funding. The Credit for Caring Act, introduced in January 2024, would give qualifying caregivers, of whom there is an estimated 53 million, a federal tax credit of up to $5,000. But this credit is not associated with caregiving related to financial abuse. It is associated with frailty and illness-related caregiving, aggregated by the National Institute on Aging in a 27-item caregiver task list.

There is no such organized list, enumeration of tasks or estimate of caregiving associated with elder family financial exploitation despite intervening family and friends spending countless hours of personal time, time off work and personal financial resources, to help and care for exploited aging family members. For some reason, our concept of caregiving does not include the care provided to help victimized older people. Yet, $28.3 billion is lost annuall y by older victims to financial exploitation of which 72 percent is lost to family and friends. In many cases, caregivers perform financial abuse-related caregiving in addition to illness-related caregiving as many perpetrators take advantage of the older person’s deteriorating health to start exploiting.

One might ask, isn’t helping victimized older people what families are supposed to do? Well, isn’t illness-related caregiving what families are supposed to do, too? In fact, many groups do not call illness-related caregiving “caregiving.” They call it being there for your family. Still, distinct policies reward illness-related caregiving valued at $600 billion annually. Consider the Family and Medical Leave Act and the Caregiver Advise, Record and Enable Act as examples.

When older adults lose money and resources, taxpayers also lose. Older victims may need to draw on public programs such as Medicaid to fund their costly long-term care because their own resources were depleted by financial exploitation.

By 2035, older people will outnumber children at 23.4 percent versus 19.8 percent for the first time in the nation’s history. At the same time, an estimated $53 trillion in wealth will be transferred from households in the baby boomer generation to heirs and offspring. These conditions foretell disputes over what happens to the deceased person’s money and property, and foreshadow financial exploitation. We may all know someone with a related family scenario.

We need formalized policies that acknowledge caregiving labor related to elder family financial exploitation. The Financial Exploitation Prevention Act of 2023 would allow “for the delay of the redemption of a security” if an investment company “reasonably believes the redemption involves the financial exploitation of an individual age 65 or older.”

Such policies are a step in the right direction. Estimates and policies related to informal caregiving associated with family financial abuse should account for efforts aside from health care as family members navigate adult protective services, social services, the courts, law enforcement, financial institutions, attorneys, community-based agencies, Area Agencies on Aging, long-term care settings and many more.

Kilaberia is an assistant professor at New York University’s Silver School of Social Work and a public voices fellow with The OpEd Project.

Read More

Donald Trump and Elon Musk
President-elect Donald Trump and Elon Musk sit ringside at a UFC fight in November.
Chris Unger/Zuffa LLC

With Billions of Dollars Controlling American Politics, the Government Will Never Be for the People

The Fulcrum is committed to nurturing the next generation of journalists. To learn about the many NextGen initiatives we are leading, click HERE.

We asked Jared Tucker, a student at the University of Washington and a cohort member with the Fulcrum Fellowship, to share his thoughts on what democracy means to him and his perspective on its current health.

Keep ReadingShow less
Elbows Up, Arms Crossed
people gathering near green trees during daytime
Photo by Malu Laker on Unsplash

Elbows Up, Arms Crossed

Last month, 23andMe announced it was filing for bankruptcy, and dozens of states are suing to stop the company from selling off personal data. Yet, unlike for-profit businesses, lawyers in nonprofit organizations cannot just stop representing clients when funding ends. We continue the representation until the matter is concluded. This is a quagmire; immigration cases such as a U Visa can take 30 years to process from start to finish.

We also have a duty of confidentiality of information. This means that we cannot disclose information about representation. I remember learning, as a young attorney, that much like a doctor or therapist, if I saw a client in public, I could not speak to them or disclose that I knew them, unless they initiated that contact. The fact that I was a lawyer and guarded their secrets means everything.

Keep ReadingShow less
Congress Bill Spotlight: Congress Meeting in Philadelphia on Declaration of Independence 250th Anniversary

New legislation would convene Congress at Philadelphia’s Independence Hall, the site of the Declaration of Independence’s signing on July 4, 1776, for the 250th anniversary on July 2, 2026.

Getty Images, Douglas Rissing

Congress Bill Spotlight: Congress Meeting in Philadelphia on Declaration of Independence 250th Anniversary

Hopefully, Nicolas Cage wouldn’t steal it this time, like he did in 2004’s implausible adventure movie National Treasure.

What the bill does

Keep ReadingShow less
Kids' Healthcare Can't Withstand Medicaid Cuts

The risk to children’s hospitals, which rely heavily on Medicaid funding, is often unrecognized. Children’s health needs greater investment, not less.

Getty Images, FS Productions

Kids' Healthcare Can't Withstand Medicaid Cuts

Last year, my daughter’s elementary school science teacher surprised me with a midday phone call. During a nature center field trip, my eight year old fell off a balance beam and seriously hurt her arm. I picked my daughter up and drove straight to the children’s hospital, where I knew she would get everything she needed. Hours later, we were headed home, injury addressed, pain controlled, appropriate follow-up secured, and her arm in a cast after x-rays revealed fractures across both forearm bones.

That children’s hospital, part of a regional academic medical center, is thirty minutes away from our home. Its proximity assures me that we have access to everything my kids could possibly need medically. Until this year, I took this access for granted. Now, as the structure of the classroom yields to summer’s longer, more freeform days, some of the nation’s most important programs scaffolding kids’ health could collapse under the pressure imposed by proposed legislative budget cuts. As a pediatric doctor and as a parent, slashing Medicaid concerns me the most.

Keep ReadingShow less