38% of Americans with aging parents have never discussed their finances

EXCLUSIVE: Talking about money is often taboo. In certain cases, these conversations are critical to ensure that our parents are solvent as they enter retirement.

According to a recent Wells Fargo survey on financial planning, only 38% of Americans with aging parents have discussed their parents' current and future financial situation. 46% of Americans talked to their parents about whether they have the money they need now.

The survey revealed that 34% of Americans don't discuss their parents' current or future financial situation. Nearly half of the respondents said they would rather discuss funeral plans over financial planning.

The survey showed that just over 30% of people would choose to inherit less money after their parents passed if it meant they didn't have to be part of the financial planning process.

Putting off these pivotal conversations isn't doing anyone any favors. According to Michael Liersch, head of advice and planning for Wells Fargo Wealth Investment Management, the issue is that many adults have never had this type of talk with their parents before. Many parents may not even be receptive to them.

Many adults think their parents will see this conversation as asking for or wanting money. The discussions aren't about who's going to inherit what, but rather about how to create a sustainable family ecosystem, Liersch told FOX Business.

He said framing these conversations is important. It is important to emphasize that the discussion is about helping and supporting your parents so that they can stay in charge of their finances.

If not, it can seem less about helping one another and feel more 'transactional' in nature, which is disruptive to some, causing family members to focus on who gets what and when, Liersch said.

It can cause family members to focus on how they feel about the situation rather than on the decision under consideration, such as how assets should be organized to achieve the intended purpose, Liersch said.

If aging parents are not in a financially good position, their family members need to figure out who is going to dedicate their time or money to help, he noted.

It's possible that parents feel like they are losing control of their finances but Liersch argued that by talking to parents about their finances, it is actually helping them stay in control for as long as possible.

Many of these conversations are put off until a financial event pops up and warrants a discussion. Liersch says these events tend to be more negative rather than positive, especially as parents get older.

A parent has a health issue, a heart attack or an athletic accident, and suddenly people have to step in at a moment s notice while the emotional event is going on, he said. You have to have these money conversations at a time of increased stress. Parents can be a victim of a scam or forget to pay their bills or taxes, all of which comes with a financial consequence.

If these events happen, you can detect them before they occur, so you are ready to step in to create one less stressor in an already stressful situation, according to Liersch.

It's important to approach these conversations, but it's also good to ask yourself if you or someone not well-known to the family should be the one having that conversation with your parents.