As housing costs and financial pressures grow, a troubling trend has emerged: adult children asking aging parents or grandparents to “unlock” their wealth early. Some request help with housing or business ventures, while others try to limit how older relatives spend their own money.
While these conversations may start with good intentions, they can easily cross into financial exploitation—especially when an older person feels obligated or pressured to comply.
At the Law Offices of Charles L. Kurmay, we have seen how these situations can devastate families. Savings built over a lifetime can disappear in months, leaving seniors without security or independence.
What Elder Financial Abuse Looks Like
Elder financial abuse can take many forms, including:
• Pressuring a parent to transfer property or money before death
• Adding a family member’s name to bank accounts “for convenience”
• Misusing a power of attorney to access funds
• Blocking an older person from using their own savings for care or medical needs
These actions can occur gradually and often under the guise of “helping.” By the time the victim realizes what has happened, much of their financial control may already be gone.
“Inheritance Impatience”: A Subtle Form of Abuse
One of the most common patterns experts see today is what has been called inheritance impatience—when adult children pressure parents to hand over part of their inheritance early. Its counterpart, inheritance preservation, happens when children try to prevent parents from spending their money on themselves, such as on home care or medical treatment.
Both stem from the same issue: a sense of entitlement to a parent’s wealth before that parent has passed.
These dynamics can quickly lead to strained relationships, emotional distress, and long-term financial harm.
The Legal and Emotional Cost
Financial abuse is one of the most underreported forms of elder exploitation because it often involves close family members. Victims may feel ashamed, afraid of conflict, or dependent on the person exploiting them.
In Connecticut, such actions may violate both civil and criminal laws, depending on the circumstances. Probate courts may become involved when disputes arise over transferred assets, misuse of powers of attorney, or revoked estate plans.
Beyond the financial damage, the emotional toll is immense. Many victims feel betrayed by the very people they trusted most.
Protecting Yourself and Your Loved Ones
There are practical steps that families can take to prevent this kind of abuse:
- Keep control of your assets. Use joint accounts sparingly. Consider using a revocable trust or creating another type of foolproof estate plan.
• Choose powers of attorney carefully. The person you name should be someone who has proven trustworthy and understands your wishes.
• Communicate clearly. Discuss your estate plan openly with a trusted attorney present to ensure transparency and understanding.
• Review your documents regularly. Life changes, and so should your estate plan. Updating it ensures that your assets and intentions remain secure.
• Watch for red flags. Unexplained withdrawals, sudden changes to documents, or isolation from other family members may indicate a problem.
How We Can Help
At the Law Offices of Charles L. Kurmay, we help families across Connecticut prevent, identify, and resolve cases of elder financial abuse. Our experience in estate planning, probate litigation, and fiduciary law allows us to protect our clients’ interests both before and after abuse occurs.
We assist clients with:
• Drafting and reviewing powers of attorney and trusts
• Recovering assets transferred through coercion or fraud
• Representing families in probate disputes
• Creating protective estate plans to prevent future abuse
Our goal is to help older adults retain control of their finances, preserve their dignity, and ensure their legacy is passed on according to their wishes.
The Bottom Line
No one should feel pressured to hand over their savings or property before they are ready. Financial abuse often starts with subtle requests and escalates into lasting harm.
If you or someone you know may be experiencing financial pressure from family, reach out for help. Taking early action can prevent irreversible loss.
Take the Next Step
If you suspect elder financial abuse or need guidance protecting your assets, contact the Law Offices of Charles L. Kurmay. Our team can help you understand your rights and safeguard your financial future.
Call us today at (203) 380-1743 to schedule a confidential consultation.
