After chatting with your spouse and children, it’s now time to talk with your parents about money. Real Simple magazine recently featured an article about money conversations that everyone should have. Let’s review the last couple of postings. Talk with your spouse about where all the money in the household goes, are there any changes that need to be made and is the retirement fund on track. Next, the kids also need to be aware of finances. You need to discuss responsibility with money and college funds.

The article also discussed conversations to have with your parents. Thirty percent of adult children contribute to their parents’ finances, says the Pew Research Center in Washington, D.C.

Do you have enough to retire comfortably?

Now, many retirees will most likely outlive their savings accounts. If you want to prepare before talking with them, you can use a retirement calculator at Bank Rate. This will help you see how large a nest egg they might need.

Have you thought about long-term-care insurance?

Real Simple says a private room at a nursing home can be $75,000 per year. It’s good to talk with them when they reach their 60s and are healthy. Do some research about the subject and share some information with them. Smart Money has an insurance evaluator tool to help you find out possible costs and insurance benefits.

In an emergency, who do you want to manage your finances?

Talk about it now! As much as we don’t like to think about possible health problems in the future, everyone needs a power of attorney. A software program, Quicken WillMaker Plus 2010, can help. Talk with your folks and see if they have a will or not. Make sure you know where the paperwork is if they do.