I just finished reading Cameron Huddleston’s book, Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances. I think this is an excellent book if you know you need to talk with your parents about their finances, but haven’t figured out how to do it. The author was also recently on The Long View podcast, so you can get a preview if you’d like.
I would also gently suggest that if you have kids yourself, you should also read this book to figure out how to develop the same type of relationship with your kids around talking about your finances. Just like you want to be able to help your parents as they age, your kids are going to want to be able to help you, and you (hopefully) don’t want to be a burden on them. Being open and transparent about finances, as well as having the appropriate estate documents prepared (will, power of attorney, health care directive), will make things so much easier (and better).
I can’t emphasize strongly enough how important it is to not put this off, both talking to your parents and talking with your own kids. You, your parents, and your kids will all thank me (well, metaphorically) if you do this.