Experts suggest ways to initiate the money discussion with parents.

• A Fidelity survey found that over half of Americans, specifically 56%, never had their parents discuss money with them.
• Financial planning is less important to baby boomers.
• Experts suggest starting the money conversation with aging parents during the holiday season in a specific way.

This year, it's unlikely that the topic of money will be brought up during Thanksgiving family gatherings.

It's the ideal time to initiate a discussion, especially with elderly parents, according to experts.

A recent Fidelity survey of 1,900 adults found that more than half of Americans, specifically 56%, never had their parents discuss money with them.

Many individuals struggle to manage their finances effectively.

According to Fidelity, 89% of Americans do not consider themselves wealthy, with many defining wealth as not having to live paycheck to paycheck.

Fidelity found that most Americans believe they accumulated their wealth through their own efforts, with 80% identifying as self-made, while only 5% say they inherited it.

According to David Peterson, head of advanced wealth solutions at Fidelity, the reliance of many people, particularly older Americans, on themselves may be the reason why they don't feel the need for formal financial planning.

According to Fidelity's survey, the highest percentage of any generation of baby boomers does not believe having a financial plan is necessary, which is one-third of them.

Peterson stated that they have a "go your own way" mindset, which may explain why they keep many things to themselves.

Warren Buffett advises parents to do this one thing before they pass away. Many workers are caught off guard by the prospect of early retirement. 59% of Americans view this as the ultimate indicator of success.

Experts advise that the absence of a plan can expose individuals and their families to risks during unforeseen events.

If you know what your parents want and have it written down, as well as knowing where things are, it will make things much smoother in the event of a parent's passing, illness, or dementia, according to MaryAnne Gucciardi, a certified financial planner and financial advisor at Wealthmind Financial Planning in Cambridge, Massachusetts.

Gucciardi stated that catching things early and being proactive and preemptive is important to know what they want and advocate for them.

Gucciardi said that family finances can be discussed during group gatherings involving siblings and children, in addition to during the holidays.

How to get the family money conversation started

Americans tend to avoid discussing money, according to research.

A survey by U.S. Bank revealed that more individuals would prefer to disclose their presidential election voting choices than discuss their finances. Meanwhile, research conducted by Wells Fargo indicated that discussing personal finances is nearly as challenging as discussing sex.

Experts suggest beginning with small talk when initiating a conversation with aging parents.

Peterson advised against entering the holiday with the expectation of solving everything.

To initiate the discussion, you may want to discuss your own estate plan and seek their advice on any overlooked aspects, Peterson suggested. This will help you understand their progress in the process.

Rewritten sentence: Organized estate plans can provide peace of mind for loved ones left behind after a loved one's passing.

Peterson stated that he prefers to begin with minor subjects and gradually progress to larger ones.

According to Peterson, wealth can be transferred through asset titling or beneficiary designations. However, for assets that do not pass through these methods, a will is necessary, he stated.

If someone dies without a will, the state's intestate succession laws will determine what happens to their assets.

"Peterson stated, "The question is, do you want to be the one making the decisions?" Typically, when this question is phrased that way, it elicits an answer indicating a desire to be in control."

Having other documents, such as a health care directive, power of attorney, and HIPAA authorization, in addition to a will, can be beneficial in case a parent's health declines, Gucciardi said.

It may be necessary to revisit recently established documents to ensure they are current, she advised.

To avoid confusion and make it easier for loved ones to access assets, it is recommended to store them in a central location, either physically or digitally. Bank safe deposit boxes should be avoided as they can be challenging to access.

It is crucial to inquire about access to online financial, subscription, and social media accounts, as more assets are stored online, Gucciardi stated. Utilizing a password manager can help safeguard those assets, she added.

It may be beneficial to begin with a single topic, such as health care preferences, when families have conversations and gradually expand to other areas, she advised.

To initiate a conversation, Gucciardi suggests using books as an icebreaker. Some of the titles she recommends to clients are "Who Gets Grandma's Yellow Pie Plate?", "Crucial Conversations", and "Being Mortal".

Gucciardi advised listening more than talking and asking open-ended questions during discussions.