Skip to content
Search

Latest Stories

Follow Us:
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

The dome of the United States Capitol Building in Washington, D.C., stands tall against a blue sky with the American flag waving proudly

A look at this week's congressional agenda, including House votes on Iran, Ukraine, FISA, appropriations, and key legislative priorities.

Getty Images, aire images

Legislative Preview for June 1, 2026

There will be plenty of coverage around the likely drama involved in picking up where House and Senate Republicans left off before this most recent week off. (For a recap, see our last post.) So we’re not going to go into any detail about what might happen with the reconciliation bill (originally only for two departments in the Department of Homeland Security; now enlarged with funding for the President’s ballroom project and overshadowed by the announcement of the President’s plan to pay off political allies with funds from the Department of Justice) or the FISA extension or the housing bill that’s been pingponging between chambers because you can read in sources like Politico about these marquee issue.

We will note that the Iran War resolution postponed in the House before the recess may be up for a vote this week, along with a resolution to remove US troops from Lebanon and a discharge petition (number 8) to put forward a bill authorizing support for Ukraine. Three privileged resolutions, of which one is a discharge petition (meaning it has 218 co-sponsors meaning at least a few House Republican co-sponsors), is a lot for one week. Especially when all three are expressing opposition to various administration stances and might get some House Republican votes.

Keep ReadingShow less
Can Governing Survive Without Continuity?
white and black quote board
Photo by Brendan Beale on Unsplash

Can Governing Survive Without Continuity?

Modern societies depend on continuity.

Electric grids are built over decades. Infrastructure systems require long investment cycles. Defense planning depends on sustained procurement and strategic consistency. Climate adaptation, energy systems, artificial intelligence governance, public health preparedness, and fiscal stability all require institutions capable of maintaining long-term priorities across multiple administrations.

Keep ReadingShow less
Can Coalitions Built on Opposition Still Govern?

Supporters of President Donald Trump, February 09, 2024 in Harrisburg, Pennsylvania.

(Photo by Spencer Platt/Getty Images)

Can Coalitions Built on Opposition Still Govern?

Political parties are supposed to do two things at once: win elections and govern. Those are not the same skill.

Winning elections requires assembling coalitions large enough to secure power. Governing requires maintaining enough internal agreement to make decisions, negotiate trade-offs, allocate resources, and sustain policy direction once power is achieved.

Keep ReadingShow less
The Fragile Promise of the Ballot
black and white love print crew neck shirt
Photo by Cyrus Crossan on Unsplash

The Fragile Promise of the Ballot

Recent Supreme Court decisions such as Shelby County v. Holder and Brnovich v. Democratic National Committee were not just redefinitions of election law; they marked a critical shift away from the federal government’s duty to ensure equal ballot access—a duty fundamental to democracy.

The consequences were swift and broad. Within hours, Shelby County, Texas, imposed strict voter ID rules that federal officials had previously blocked under the Voting Rights Act’s pre-clearance provisions. Soon after, North Carolina reduced early voting and eliminated same-day registration. Across parts of Alabama, Georgia, and other Southern states, polling places closed or moved, often in communities with large Black populations. What once required federal review could now proceed quickly.

Keep ReadingShow less