In 2024, celebrity Priscilla Presley made headlines when she filed a lawsuit alleging elder financial abuse. Her high-profile case highlights an issue affecting countless seniors, regardless of status or income.
Elder financial abuse impacts individuals from every income bracket and often ends with devastating personal and financial consequences for its victims.
Priscilla Presley’s Lawsuit Alleges Elder Financial Abuse
In 2024, Priscilla Presley accused her former business associates of elder abuse and fraud. Alleging the people behind an LLC established in her name “fraudulently” coerced her into “giving them power of attorney, control over her family and personal trusts, and control over her bank accounts” over two years.
Presley’s lawsuit claims her former business manager and others worked together to misappropriate over $1M of her funds. Presley’s lawsuit alleges she was manipulated into signing documents that passed 80% of her earnings from deals over to the former business partners and then “forced to work” in indentured servitude for their financial gain.
The Presley lawsuit is significant because it places a recognizable name in the discussion about elder financial abuse, which is a prevalent and growing issue.
Understanding Elder Financial Abuse
Elder financial abuse occurs when an individual takes advantage of an older person’s financial assets for their own gain. This exploitation can happen in many forms, from outright theft to more subtle tactics, like Presley’s allegation that her business manager had her sign papers that handed over 80% of her earnings without knowing what she was signing.
Elder financial abuse can look like:
- Unauthorized use of credit cards, debit cards, or checkbooks
- Forging a senior’s signature
- Deceiving a senior into signing any legal and/or financial document
- Diverting money meant to pay the senior’s expenses
- Significant transfers of assets, substantial loans, or gifts to others
- Revising a senior’s will or other documents, especially when the new beneficiary is a caregiver or a previously uninvolved person now claiming a right to a senior’s property
The perpetrators of elder abuse can be strangers or someone the victim knows and trusts, such as a family member, caregiver, or advisor. Abusers sometimes isolate their victims from other family members or trusted advisors to maintain control over their finances.
Elder Financial Exploitation is a Growing Concern
It’s estimated that 10% of aging adults experience some kind of abuse. Seniors self-report financial exploitation at higher rates than other forms of abuse, including physical, sexual, and emotional abuse and neglect.
As the population ages, the risk of elder abuse grows.
Adding to the issue are the emerging threats from artificial intelligence (AI) and digital vulnerability: online scams and digital fraud have become more common. AI is now providing cybercriminals with the ability to increase the volume and sophistication of online scams.
Learn more about senior financial abuse statistics.
How to Recognize Elder Financial Abuse
Professionals working with elderly clients, such as financial professionals, fiduciaries, and elder care professionals, are in a unique position to recognize the signs of financial exploitation and to protect their clients.
Are you a mandated reporter of elder abuse? Access our state-specific database to find out.
Warning signs of elder financial abuse:
- Unexplained financial transactions. Sudden large withdrawals or transfers that the client cannot explain.
- Changes in legal documents. Unusual or unexplained alterations in wills, trusts, or power-of-attorney arrangements.
- Isolation. Your client may become increasingly isolated from friends and family, possibly as a result of an abuser’s control.
- Sudden changes in spending patterns. A noticeable shift from frugality to extravagant spending or vice versa, could signal exploitation.
- Reluctance to discuss finances. If an elderly client is unusually secretive about their financial matters, it might be a red flag.
How to Report Elder Financial Abuse
Mandated reporters are professionals required to report suspected elder abuse, including financial exploitation. Even if you aren’t required to report abuse, if you suspect elder financial abuse is happening to someone, you are allowed to make a report as a permissive reporter.
You do not have to gather proof of abuse to make a report. If you have suspicions that abuse or exploitation is happening, you can make a report.
Reporting procedures can vary from state to state. Reporting can also vary depending on the situation: for example, if financial abuse is occurring within an elder long-term care facility vs. abuse occurring outside of a care facility.
- If the suspected abuse or neglect occurred in a public setting or private home, report it to your local Adult Protective Services (APS) agency.
- If the suspected abuse or neglect occurred in a long-term care facility, no matter how slight, a report should be made to your area’s Long-Term Care Ombudsman Program.
Find Adult Protective Services in your area.
The Broader Impact of Elder Financial Abuse
Elder financial abuse affects more than just the individual; it has ripple effects throughout communities and the economy.
The financial losses can deplete life savings that were intended for retirement, healthcare, or long-term care. Loss of savings can force seniors into difficult financial situations, increasing reliance on public assistance.
Financial stress is closely linked to poorer health outcomes, which can lead to increased healthcare costs. The emotional trauma associated with betrayal of trust can lead to further isolation and mental health issues.
Disputes over money can fracture family relationships, leaving victims even more isolated and vulnerable.
Best Practices for Preventing and Addressing Abuse
Professionals working with elderly populations can take proactive steps to help safeguard against financial abuse.
Training equips staff with the knowledge to recognize red flags and understand the unique vulnerabilities of elderly clients.
Find mandated reporter training of elder abuse and neglect.
Promote awareness campaigns for internal staff and for external clients about the risks, dangers, and signs of elder financial abuse.
Maintain open lines of communication with elderly clients and their caregivers.
Presley’s Lawsuit is an Example of Elder Financial Abuse
Priscilla Presley’s lawsuit alleging elder financial abuse is a sobering reminder that elder financial exploitation is a real and pervasive threat—even for those who might seem financially secure or well-connected.
By understanding the issue of elder financial abuse, recognizing the warning signs, and implementing training programs for professionals, financial institutions and elder care providers can better protect these vulnerable members of our society. Addressing this issue is not just about safeguarding assets—it’s about preserving the dignity and independence of aging adults.
