Financial exploitation of older adults is more common than most families realize, and it often happens quickly.

At Holt Legacy Law, we help families in Maryland take immediate, practical steps to protect loved ones from financial elder abuse, scams, and exploitation while preserving dignity and independence whenever possible.

What Is Financial Elder Abuse?

Financial elder abuse occurs when someone takes advantage of an older adult’s finances, assets, or property for their own benefit.

In Maryland, this can include:

• Unauthorized use of bank accounts or credit cards

• Coercion to transfer money or change estate plans

• Misuse of a power of attorney

• Online scams, including romance and impersonation scams

• Pressure to take out loans or access home equity

Many victims are legally competent but vulnerable due to grief, isolation, or manipulation.

Warning Signs of Financial Exploitation

Families often sense something is wrong before they fully understand what’s happening.

Common red flags include:

• Unusual or large financial transfers

• New “friends” or romantic partners requesting money

• Sudden changes in spending patterns

• Secretive behavior about finances

• Taking out loans or withdrawing home equity without a clear reason

• Difficulty explaining where money has gone

If you are seeing any of these signs, early intervention is critical.

How We Help Protect Against Elder Financial Abuse

Every situation is different. Our role is to assess the risk and put the right safeguards in place under Maryland law.

Immediate Protective Planning

We help families act quickly to prevent further loss by:

• Drafting or strengthening powers of attorney

• Creating structures that allow for financial oversight

• Coordinating with financial institutions when appropriate

Power of Attorney Design and Enforcement

A properly drafted power of attorney is one of the most effective tools to prevent financial abuse.

We create Maryland-compliant documents that can:

• Allow a trusted person to monitor and manage accounts

• Restrict harmful financial activity

• Enable quick intervention if suspicious transactions occur

Real Estate Protection Strategies

For clients whose homes are at risk, we implement planning strategies such as:

• Life estate deeds

• Restrictions on encumbering property

• Ownership structures that prevent unilateral borrowing

These tools can prevent a home from being used to fund scams or exploitation.

Planning That Preserves Independence

In many cases, the individual is still legally competent. That means the goal is not to take away control, but to:

• Add safeguards

• Create oversight

• Reduce access to high-risk financial activity

We focus on solutions that balance protection with respect for the client’s autonomy.

Guidance on When Court Intervention Is Necessary

In more severe situations, additional steps may be required.

We advise families on:

• When guardianship may be appropriate

• How to document financial exploitation

• How to work with Adult Protective Services in Maryland

Guardianship is a last resort, but it’s sometimes necessary when the risk cannot be controlled otherwise.

Why Early Action Matters

Financial scams and exploitation often escalate over time.

We have seen situations where:

• Tens or hundreds of thousands of dollars are lost

• Homes are leveraged to access additional funds

• Families are left with limited options after significant damage has already occurred

The earlier you act, the more options you have to protect your loved one.

Serving Clients Throughout Maryland

Holt Legacy Law is based in Columbia, Maryland and works with families throughout Howard County, Montgomery County, Baltimore County, Anne Arundel County, and surrounding areas.

We provide practical, legally sound solutions tailored to Maryland law and the realities families are facing today.

Schedule a Consultation

If you are concerned that a loved one may be the victim of financial elder abuse, it is important to act quickly.

We can help you evaluate the situation, understand your options under Maryland law, and put the right protections in place.

Contact Holt Legacy Law to schedule a consultation.