Many people hesitate to ask their elderly parents about finances or estate planning. They may fear the conversation will be awkward, or they don't want to cause undue embarrassment. But it can save a lot of time, energy and money.

One woman who wrote an estate planning guide says age doesn't matter; such a conversation should occur at some point, whether a person is 50 or 90. People might be surprised by what they discover about their parents' finances.

For example, one woman was surprised that her parents had managed to save about $120,000. But she was also surprised that they kept the money in a checking account, where it was gathering no interest. Her inquiry ultimately led her parents to meet with a financial advisor. They have since created a long-term plan with low-risk investments.

Another woman was taken by surprise after a conversation with her parents for the opposite reason. She said they had consistently emptied their account over the years to the point that they would run out of money altogether in about three months' time.

She says her father sounded "relieved" when she offered to help and that she sought the help of professionals to assist them, since she didn't know enough about it.

Broaching the subject of finances or estate planning can be difficult, but the new year might be a good time to start. Making sure parents plan not only their financial future but the future of their estates can avoid disputes that often accompany a parent's death.

Source: LA Times, "Parents' finances: When the family secret is mom's bank balance," Feb. 3, 2012