Episode 69: Elder Fraud — Red Flags We Shouldn’t Ignore

Host: Sidney Wheelan, Attorney & Founder of Wheelan Law Firm

Serving North Central Missouri in Moberly & Carrollton

In this episode, Sidney tackles a heartbreaking but increasingly common issue: elder financial fraud. Seniors — even those who are mentally sharp and capable — can be targets of manipulation, deceit, and financial exploitation. Often, the warning signs are subtle at first.

Sidney shares a powerful real-world story about a client almost taken advantage of by a seemingly trustworthy caretaker — and how vigilance and intuition helped uncover a larger scheme before it was too late.

1. A Story That Happens Too Often

• A senior client suddenly wanted to leave everything to a new caretaker.
• No proof at first — just a gut feeling something wasn’t right.
• Careful documentation, repeated confirmation, and family involvement uncovered forged checks, undervalued property sales, and a full financial exploitation plan.
• A reminder: Trust your instincts.

2. Warning Signs of Elder Financial Exploitation

Look for these red flags:

• New “friends” or caregivers becoming overly involved in finances.
• Isolation — screening calls, discouraging visits, limiting communication.
• Sudden changes to wills, deeds, or powers of attorney.
• Unpaid bills, missing funds, unusual withdrawals.
• The senior appears fearful, confused, or overly dependent on someone new.

3. Scams Targeting Seniors — Especially Around the Holidays

Common schemes include:

• Gift card scams (“Your grandchild is in trouble…”)
• Sweepstakes or inheritance scams (“You’ve won — just pay the taxes upfront”)
• Romance scams (fake online relationships for money)
• Tech support scams (fake pop-ups and virus warnings asking for access or payment)

Rule to remember: No legitimate agency will ever ask for payment via gift cards, wire transfers, or personal banking info.

4. Legal & Practical Tools for Protection

Proactive planning is the best defense:

• Bank and credit card alerts for large or unusual activity.
• Two-signature rules for major transactions.
• Trusted contacts listed on financial accounts.
• Regular reviews of wills, trusts, and powers of attorney.
• Teach tech safety: strong passwords, spotting fake emails or calls.
• Suspect fraud? Contact law enforcement, Adult Protective Services, or an elder law attorney immediately.

💬 Final Thoughts

Elder fraud doesn’t just take savings — it steals dignity, trust, and independence. It can happen in any family, at any income level. Awareness and early intervention matter.

If something feels off — ask questions, get involved, and don’t wait.

Elder fraud doesn’t start with greed — it starts with access.

Notice the red flags early. Protect the people who once protected you.

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