With Thanksgiving nearly here, you should be prepared for some topics that may come up over dinner that you may rather avoid talking about. If your family doesn't often openly discuss money matters, financial issues may seem "taboo." But it's important to have "The Talk" — and doing so over the turkey table may be the perfect opportunity.
Don't avoid these topics, though they may be tough to talk about:
Managing health care for an aging parent
If your parents are growing older, talk about their health. It's important to discuss plans for their physical and financial care. Your 95-year-old mom has a pacemaker and has been ailing.
"It's time to discuss how to take care of her physically and financially," said Lori Sackler, a certified financial planner and senior vice president at Morgan Stanley Wealth Management. "Most aging people don't want to relinquish control; you have to think about how to approach her and think about her needs."
Planning for retirement for yourself, your spouse and your children
If you've talked to family members for months about planning a vacation, you should at least spend a few minutes together discussing your retirement plans. Be open and honest about your preparation and plans for when you stop working.
"If Dad has been supporting family members during a tough economic time, it's time for Dad to sit down and discuss how he'll be able to contribute going forward," said Sackler, who is also the author of "The M Word: The Money Talk Every Family Needs to Have About Wealth and Their Financial Future."
Merging families and finances
If you've remarried and your families are getting together for the holiday, it may be the right time to discuss how the blending of families is impacting your finances. Make sure you're on the same page when it comes to sharing (and separating) assets.
"The biggest taboo topic is often who are you going to leave your money to — that's one of the reasons many people put off doing their wills," said Stacy Francis, a certified financial planner and founder of Francis Financial. "Don't skirt around the issue. Talk about it. Silence can be a big negative."
Certainly, these aren't the easiest topics to discuss, but they may be critical for your financial future — and that of your loved ones. Being together this holiday season could be the best time to get the conversation going.
—By CNBC's Sharon Epperson. Follow her on twitter: @sharon_epperson.
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