State governments can best address elder financial abuse problem through uniformity. Abusers often use differences in state laws to hide their crimes. In recent years new laws as well as needed reforms and updates to existing statutes have appeared across state jurisdictions in various forms.  This movement is actively encouraged by the federal government.  Many state legislatures have enacted statutes specifically penalizing the financial abuse of the elderly or vulnerable adults; yet there is still a debate across jurisdictions on a definition for “elderly” or “vulnerable adults.”  Jurisdictions also differ on the remedies offered to victims and the penalties imposed on abusers.  State laws vary on reporting requirements for those who suspect abuse.  Variation can be a benefit, allowing a jurisdiction to experiment and meet the specific needs of its citizens.  Conversely, a lack of uniformity among jurisdictions perpetuates confusion and enables exploitation.  It is crucial that states clearly define and protect the elderly as a class because they are already being targeted as a class.  Several states have enacted promising legislation and other jurisdictions must follow suit.

Prevention is more effective than punishment.  Estate planning will help reduce elder financial abuse in the short term.  A myriad of tools are available to elderly persons planning for incapacity.  Unfortunately, some of these simple options can actually open an elderly person to further abuse.  Proper use of the durable power of attorney coupled, whenever possible, with a revocable living trust can greatly reduce risk factors for abuse.  The revocable trust is a proven alternative to probate and, with little alteration, can serve as an excellent guard against abuse.  Though not foolproof, the accounting requirements, well defined fiduciary limits, and wide acceptance in the business and legal communities make the revocable trust a much more secure alternative to guardianship or a simple durable power of attorney in the prevention of abuse.