There’s no question money plays a role in nearly every relationship. That’s why it’s so important to open the lines of communication with loved ones, such as your partner, parents and children. Molly Edwards, Financial Center Manager with Fifth Third Bank, explains how you can start a conversation about money with the important people in your life.

Throughout their working years, most people try their best to build up a retirement fund -- an asset that will generate income once their regular paychecks stop. But for many people, that fund can seem inadequate. Now, thanks to the increased popularity of reverse mortgages, many people age 62 and older are tapping into another asset to help fund their retirement -- their house, making it not just a place to live in but also an asset to live on.

During retirement, most people work closely with their financial planners to make sure their investments are protected from market downturns and keep pace with inflation. It's important their nest eggs last as long as they do -- or longer, so they can pass something on to their heirs.

"But what if your health takes a turn for the worse and you need long-term care?" asks Kathy Laverde, an insurance specialist with Fifth Third Insurance Agency. "That can be a huge financial blow."

Why long-term care insurance?

The old adage says, "No one gets out of this world alive." Yet, nearly six out of 10 people today have no estate plan detailing what should happen to their assets if they die, or what kind of medical care they would want if they become unable to make their wishes known.

"Thinking about what happens after we die or become incapacitated is not a pleasant exercise," says Amy Tabler, a vice president and Trust Officer with Fifth Third Private Bank. "But, it's a responsibility we take on for the sake of our loved ones."

With people living longer, many need periodic help or even ongoing care. According to a 2008 Gallup Poll, 41 percent of baby boomers who have a living parent say they provide them with financial help, personal care or both. That survey also found that 37 percent of those who are not currently helping a parent say they expect to do so in the future.

Eventually, there comes a time when the parents who doled out your allowance need help managing their finances. Unfortunately, this role reversal can make both parties feel uncomfortable: Parents may feel reluctant to give up control, and adult children may hesitate to infringe on their privacy.

There comes a time when adult children begin to help their aging parents. At first, they may lend a hand with repairs around the house and grocery shopping. But, eventually, they should also consider helping their parents make sure their financial affairs and estate planning documents are in order and up-to-date.