In our last blog post, we highlighted the importance and benefits of starting estate planning dialogue with one's aging parents.

Below you will find 8 tips from estate planning experts, Alexandra Armstrong, a financial planner and Deborah Jacobs, author of Estate Planning Smarts, on how to address the estate tax and planning topic with your aging parents.

1. Don't be afraid to talk about it

As adults get older, it's not uncommon for them to turn to their children to help manage their finances. The best way to start the conversation is to express this is a necessary process and if we don't take action, a lot of unnecessary money can go to taxes when one dies.

2. Use a celebrity as a conversation starter

Give them a financial planning book or talk about a recent celebrity that passed and how their assets were affected.

3. Table the issue if your parents don't want to discuss it

If they just don't want to talk about it, try again some other time. It's not worth ruining your relationship with your family in the end.

4. Acknowledge the uncertainty of the situation

Uncertainty means that it's hard to plan for unseen situations. Many estate plans now include contingency plans for all possibilities.

5. Talk about different options - not just giving you more money now

One of the easiest ways to reduce one's taxable estate is to give away money early before death; however, one must tread softly with this topic as to not sound greedy.

6. Emphasize the importance of financial stability

Start the conversation by asking how their finances are and if they need any help.

7. Suggest some simple steps

Meeting with a financial advisor and attorney can help navigate the waters of estate tax matters.

8. Remember that it's not your money

It's easy for children to view their parent's money as their own. It's not, so emphasis that "if it were up to you, you'd want them to live it up and spend every last dime while their living." Express that you are not concerned with this topic for selfish reasons.

These tips were published originally by U.S. News and World Report. 

Source: U.S. News and World Report "How to Talk to Your Parents About the Estate Tax" 08/03/2010