Stay Ahead of Elder Financial Scams

The fiduciary uses emotional or psychological manipulation tactics, such as guilt-tripping, intimidation, or gaslighting, to prevent you from questioning or challenging their actions. For example, gaslighting might involve saying, 'You seem very wishy-washy.'

Withholding financial records, statements, or legal documents makes it difficult for you to understand your financial situation or what actions are being taken on your behalf. This lack of transparency can prevent you from making informed decisions or recognizing potential misconduct.

The fiduciary goes largely silent and avoids discussing the matter with you, or becomes defensive when questioned about their actions or decisions, raising suspicion of potential misconduct.

A fiduciary might sell or coerce you to sell your assets for less than their worth because it's not their money. Be alert if changes in your financial condition result from coercion or threats rather than clear explanations and assurances. Consider whether your family would approve  if you had the opportunity to consult with them.

Changes in financial status, such as withdrawals, asset transfers, new loans (including mortgages, especially if advised by the fiduciary for their benefit), sudden poverty, or any changes made without your knowledge or informed consent, and disregarding your financial circumstances, are BIG RED FLAGS.