When it comes to estates and inheritances, it helps to have a plan -- one that ensures that your assets transfer as you intend. Should you involve your children in any way?

Most affluent and near-affluent investors (67%) recently surveyed by Cerulli Associates do share information with their children. (Twenty-six percent say they have provided enough information for the heirs to be considered "very well informed" of their plans. Another 41% considered their heirs to be "somewhat informed.")

Meanwhile, when inheritors were asked when they had first learned about their own inheritances, 54% said it was when the "inheritance bequestor(s) passed away."

Which is better? Communicating about plans or not? Does age matter? Does wealth matter?

Consider a couple in their 40s, and compare them to a couple in their 80s. Does age make a difference? Do assets make a difference?

According to Cerulli's study, the 40-year-olds are likely to be in their "wealth accumulation" phase of their lives and "not yet thinking about what comes after." They are more likely to wait to communicate information until they reach a "specific level of wealth than those who are older."

Those over 60 say they will share information about inheritances when they reach a specific age (or die).

Some feel that sharing information helps avoid conflicts. "Unless these conversations are ongoing or well-documented, retention rates of nuanced details of complex subjects discussed only once are quite low. Thoroughly sharing this information and supporting rationale with intended recipients and other stakeholders may create discomfort in the short term but is an important step in minimizing costly and divisive legal battles in the future," said Cerulli research director Scott Smith.

Based on my decadeslong experience serving as investment counsel to high-net-worth families, I say that it's not so simple. If you do decide to share, should you open up your financial situation? Once you do that, there is no going back, and for that reason, think hard before taking that step.

Family dynamics and family values both enter into the picture.

Those who are charitably inclined would share their desire to leave a legacy and go further, to involve their children in setting up and funding a family foundation while they are very much alive.

Someone else might think differently. The elderly widow (or widower) who provides a 60-year-old adult child financial support during challenging times (divorce, loss of jobs, health issues, etc.) may need to consider the legacies of the other children. Would this widow want to share finances or involve the children in legacy discussions? Should she? That's not so clear.

Should there be a discussion with children who are appointed executors in the will? Again, family dynamics enter into the picture. I do have a point of view, however, when it comes to passing along "knowledge."

Neither dealing with a legacy or serving as an executor is something a child, no matter the age, learns on his or her own. Death forces learning. Isn't it better to help with the learning process if the children are open to it? That does NOT mean that dollars and cents have to come into the discussion.

Let me share a rather surprising finding of a 2022 study of 20- to 39-year-olds who expected to inherit more than $1 million. According to a Wells Fargo Wealth and Investment Management survey (tinyurl.com/2mhk75ts), 72% said that talking with family about an inheritance would help them plan better for the future; 54% said they wished there was more transparency in their family about money; and 81% said family meetings would be valuable.

For families of great wealth, there is an additional issue: the question of future generations.

"If the current generation is able to transfer its knowledge as well as its wealth effectively, it could increase the likelihood that future generations will be better prepared to preserve wealth, drive economic growth and give back to their communities," according to RBC Wealth Management's Wealth Transfer Report (tinyurl.com/mpyvc8j3).

No matter your age or financial circumstances, if you are planning your estate, where does this discussion leave you? Probably with questions. Ask them by writing to readers@juliejason.com.

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If you are concerned about identity theft, you might be interested in an IRS program that protects your identity when you file your tax return.

The IRS Identity Protection PIN (IP PIN) is a six-digit number that prevents someone from filing a paper or an electronic tax return using your identification (Social Security number or Individual Taxpayer Identification Number -- ITIN).

As of December 2022, more than 6.6 million taxpayers were taking part in the IP PIN program, according to the IRS (tinyurl.com/d2eptjwf).

To get an IP PIN, you have three choices. You can visit a local IRS office; mail IRS Form 15227 to the IRS (tinyurl.com/yc2jcne7); or apply online using a tool, which is the fastest method if you have an IRS account and can verify your identity using an IRS online tool.

In Person: You can schedule an appointment at a local Taxpayer Assistance Center (see tinyurl.com/bdctadx6). Be sure to confirm the documents you need to present at the appointment to verify your identity. The IRS website mentions bringing a government-issued picture ID document (such as your driver's license) and other identification. (I would also suggest taking a copy of your last tax return with you.)

After the IRS verifies your identity, expect to receive your IP PIN in the mail within three weeks, according to the IRS.

Paper: IRS Form 15227 is the form to use to request an IP PIN by paper. This method is limited to taxpayers whose adjusted gross income is reported as less than $73,000 for individuals ($146,000 for married filing jointly) for the prior tax year. After you fill out and file the form, the IRS will call you. But, before talking to the IRS caller, you'll want to verify that the caller is indeed an IRS employee. You can do that by calling the IRS toll-free at 800-908-4490. This information is provided in the instructions to Form 15227 (tinyurl.com/yc2jcne7). The form and instructions are also available in Spanish.

Online: To do an online filing, you'll use the Get an IP PIN tool at irs.gov/getanippin. You'll sign in using an ID.me or an IRS username account. Lacking one of those, you'll need to create an ID.me account.

The IP PIN site requires you to provide a selfie (or to do a video chat with an agent) and to consent to the collection of "biometric data" and "sensitive personal information." (You'll have to judge the pros and cons of consenting.)

When you prepare your return, if you are filing a paper form, you'll enter the IP PIN on your tax return in the Sign Here section in the box for the IP PIN (see Form 1040 at tinyurl.com/ywnz39n9). If you are e-filing your tax return, the tax software or the tax practitioner you are using will tell you where to enter the IP PIN. Note that each person who has an IP PIN and is claimed on a tax return needs to enter his or her IP PIN on the return.

If you use a tax professional to do your tax return, you'll need to provide the IP PIN to the preparer, but don't disclose it to anyone else.

In any case, be sure to double-check the IP PIN before sending in your tax return. If you entered it incorrectly, your online filing will be rejected. If you send in a paper tax return, you will encounter delays in processing.

If you've been a victim of identity theft, or if an e-filed tax return is rejected because of a duplicate filing that used your Social Security or ITIN number, file IRS Form 14039, Identity Theft Affidavit (tinyurl.com/48bsjysv).

For those who have been confirmed victims of tax-related identity theft, after the tax account issues have been resolved, the IRS will mail the ID theft victims a CP01A Notice each year, which will contain a new IP PIN (tinyurl.com/hdx2s7vn).

What if you lose your IP PIN? You'll need to follow the instructions at tinyurl.com/4fjf5nb7 or call the IRS at 800-908-4490.

The IRS cautions that if you do lose your IP PIN, you should not file Form 15227 to apply for a new one -- that form is for those who are joining the program for the first time.

To review the FAQs about the IP PIN, go to tinyurl.com/3yamktkz. Also see tinyurl.com/53dsmk4a.

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If you are a parent or grandparent, how important is it to you to be a positive influence in the lives of young ones when it comes to personal finances?

Financial literacy experts tell us that Americans don't have basic financial literacy skills. Is there something you can do with your children (or grandchildren) to help them learn sound financial decision-making?

It doesn't take much to make a difference. The starting point can be as simple as reading a book together. There are several choices for children, even for those as young as 3.

"My First Money Book" by Reggie Nelson is a colorful 42-page guide for parents and children covering "saving, spending, sharing and investing."

"Money Ninja" and "Investor Ninja," both by Mary Nhin, are two titles whose goal is to raise financially savvy children. I can't argue with that mission. Struggles considered include: "I wish I could buy the new game, but my mom won't give me the money. And, I already spent my allowance on library fines."

Or what about this exchange in "The Steady Road to a Million Dollars," by Brad R Biagi, about a real kid who started learning at age 5.

"Bradley, how much money is this?"

"$25, Daddy."

"If you put this in your piggy bank and let it sit overnight, how much will it be tomorrow?"

"It will still be $25, Daddy."

[And after a month?]

"It will still be $25 Daddy: It can't change to another number in my piggy bank."

If you read that dialogue, it easily leads to questions you and your child or grandchild can consider, leading to a greater understanding of saving and the use of funds. It can also lead to an allowance or earning money for doing chores.

What about a book authored by someone who started investing at the age of 9? "Early Bird: The Power of Investing Young" by Maya Peterson (and co-authored by her brother Soren Peterson) includes interviews with experienced investors. I like that approach, since one learns best from role models.

A book for 8- to 12-year-olds is Walter Andal's "Finance 101 for Kids" (and its sequel, "Finance 102 for Kids"). The book discusses how the stock market works, including how you make money in the market, as well as the risk of losing money on your investment. Also discussed are the power of money, saving money and dealing with credit.

From my perspective, the power of compound interest cannot be stressed enough. That's a lesson that is missed on young adults who don't want to think about building a nest egg for retirement until much, much later in life.

This book for kids ages 10 and up helps: "How to Turn $100 Into $1,000,000: Earn! Invest! Save!" by James McKenna, Jeannine Glista and Matt Fontaine. McKenna and Glista are two of the co-creators of Biz Kid$, a public television series and a national financial literacy initiative (tinyurl.com/2p9fu2x2).

The authors' point is this: "The earlier you start earning and saving, the more time you'll have to grow your money." (You need to have time for compounding to work.)

Frustrated with the fact his 13-year-old was not learning anything about money and investing in school, lawyer and investor David Bianchi decided to teach his son himself. He ended up with 100 short topics, which in turn became the basis for "Blue Chip Kids: What Every Child (and Parent) Should Know About Money, Investing, and the Stock Market."

Resources are abundant, as are ways to make an impact. For a young child, I prefer starting with a trip to the library to search for books together.

Exploring a few books before making a decision on what to read takes the exercise to a new level. That's an adventure in itself, well worth the time and effort. Believe me, the child will remember those experiences later in life -- and perhaps become a role model himself or herself as the years go by.

How do you engage your children and grandchildren on investing topics? Let me know through this survey (tinyurl.com/33t9hv3v), or write to me at readers@juliejason.com.

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