Millennial Money: Ask your folks about their financial plans

FILE - In this Nov. 7, 2018, file photo, fallen leaves cover cars and sidewalks on a tree-lined residential block in Long Island City in the Queens borough of New York. How your parents prepare for retirement, long-term care and estate planning can affect your own financial future. Talking to them now can save your family headaches and messy conversations down the road. (AP Photo/Mark Lennihan, File)

Parents are often more than happy to offer financial advice to their kids. They like to feel needed and want to make sure you're on solid financial ground. But it's important to turn the tables and ask about their financial plans, too.

Are they saving for retirement? Have they updated their will? What's their plan for long-term care, should they need it?

It doesn't matter if you're living on ramen or running your own business, asking your parents about their financial future can feel odd. But life moves fast. And your parents' financial plans can and will affect your own, eventually. So it's important to talk early and often about how they're planning for retirement and the often high cost of aging.

"It's never too soon to have this conversation," says Greg Young, owner of Ahead Full Wealth Management LLC in Rhode Island.