Taking these steps now can prevent huge losses later.

The mental competency trial of 92-year-old Sumner Redstone, the ailing chairman emeritus of CBS and Viacom, is receiving media blanket coverage.

The notoriety was inevitable, given that his former girlfriend is suing to regain authority over his medical treatment. But Redstone is only one of the millions of older Americans with health or cognitive issues who are at risk of financial elder abuse.