In this episode of This is Getting Old: Moving Towards an Age-Friendly World, I speak with Cameron Huddleston, a financial expert who helps older adults protect their money and independence. We dive into the growing problem of financial exploitation, which has become the fastest-growing type of elder abuse in the country. This episode highlights how financial abuse can have serious consequences, not just financially but emotionally as well, for both the victim and their loved ones.

Cameron discusses how financial exploitation often occurs in two ways: through scams from strangers or through elder theft, which typically involves people the victim knows, such as family members or caregivers. She emphasizes how quickly financial abuse can happen, often before anyone realizes what’s going on. She points out that caregivers, even within a short time, may try to take advantage of vulnerable individuals by seeking to change legal documents and make themselves the primary beneficiaries of the person’s estate.

When transitioning a loved one to an assisted living facility or memory care, Cameron offers advice on protecting their finances. She advises removing credit cards, checkbooks, and financial documents from the home to prevent potential abuse. Instead, she suggests giving a loved one a prepaid debit card with a limited amount of money or managing the shopping and bill-paying on their behalf to ensure their finances remain secure.

Cameron also recommends automating as many payments as possible, like utilities and other ongoing bills, to eliminate the need for the person to handle transactions themselves. She stresses the importance of keeping valuable items, such as jewelry, out of the facility to prevent loss or theft. Cameron also shares a personal story of how her own mother lost an expensive ring—whether through theft or misplacement—and how this could have been prevented by limiting high-value items from going into care facilities.

The conversation also touches on how to approach the difficult topic of finances with an aging loved one. Cameron advises that the key is to make sure the loved one feels in control and empowered in the process. She recommends focusing the conversation on planning ahead to protect their wishes and financial well-being, including setting up powers of attorney and other estate planning documents while they’re still able to make decisions. This approach allows the person to maintain control and reduces the risk of conflicts later.

Lastly, Cameron shares valuable resources available on her website, such as a free “In Case of Emergency Organizer” and a “Scam Red Flag” sheet. She also mentions her book Mom and Dad, We Need to Talk, which provides more strategies for discussing finances and elder care with aging parents. These resources can help guide families through the process of protecting their loved ones’ finances and ensuring their wishes are respected.

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