Considering all the things that can cause us to worry, we really don't need to add the safety of our bank accounts to the list -- but that is happening. People are worried about the stability of banks as a result of two recent bank failures.

Silicon Valley Bank in California and Signature Bank in New York were both shut down by state regulators within three days of each other, on March 10 (tinyurl.com/44d2pjw2) and March 12 (tinyurl.com/3byz2kf2), respectively.

Luckily, even uninsured deposits were saved. The March 12 joint statement released by Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell and FDIC Chairman Martin Gruenberg (tinyurl.com/3jtftv5b) made it clear that a "systemic risk exception" for the two banks would allow FDIC insurance coverage for even those accounts that exceeded $250,000, the FDIC insurable cap.

In a speech on March 14, Federal Reserve Gov. Michelle W. Bowman said, "One significant factor leading to the stress and subsequent closure at each institution was the rapid outflow of deposits, specifically uninsured deposits above the FDIC-guaranteed amount of $250,000 per depositor, per account type" (tinyurl.com/4sa87tx5). (The uninsured deposits at both banks totaled nearly 90% of all deposits, according to S&P Global Market Intelligence, tinyurl.com/nxvuft9z.)

In the meantime, Credit Suisse, a "too big to fail" global bank headquartered in Switzerland, captured headlines when its biggest shareholder, the Saudi National Bank, announced on March 15 that it would not put any more money into Credit Suisse (tinyurl.com/2x5sxsyk).

The question of contagion arose, of course, leading the Swiss Financial Market Supervisory Authority to state on March 15 that the problems of the two U.S. banks "do not pose a direct risk of contagion for the Swiss financial markets" (tinyurl.com/mthk967z).

A day later, Credit Suisse announced it was taking "decisive action to preemptively strengthen its liquidity" by intending to exercise its option to borrow up to $54 billion from the Swiss National Bank (tinyurl.com/njhrkk7x).

Then came First Republic Bank. On Thursday, March 16, 11 banks injected $30 billion into the San Francisco-based bank. A joint press release by the Treasury Department, Federal Reserve, FDIC and the Office of the Comptroller of the Currency reported, "This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system" (tinyurl.com/2p95pk6x).

What's next? We'll have to wait and see.

But, for now, regulators are staying positive. Federal Reserve Gov. Bowman, in her speech on March 14, said, "The U.S. banking system remains resilient and on a solid foundation, with strong capital and liquidity throughout the system." Then on March 16, Treasury Secretary Yellen told the U.S. Senate Committee on Finance "that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them" (tinyurl.com/h8bwhdd3).

Investment firms are addressing their client's uneasiness. Fidelity Investments, with more than 40 million client accounts, recently told clients:

"To help manage the anxiety and fear that may arise from watching the market react to events such as the failure of Silicon Valley Bank, it's helpful to have a long-term asset allocation plan as part of a broader financial plan" (tinyurl.com/2r7ya35x).

Agreed. Worry can extend beyond banks, and rightly so. Bank customers are at risk if they deposit more than FDIC insurance covers (see details of FDIC insurance at tinyurl.com/yj2z5zaw). Investments are housed with brokerage firms, not banks.

There is some bank exposure even within the brokerage environment, however. For example, if you purchased bank certificates of deposit (CDs) through your brokerage account, be sure to check your FDIC coverage. CDs are not securities covered by the Securities Investor Protection Corporation, which works to restore the cash and securities of investors when a brokerage firm fails.

When dealing with your overall financial picture, it is wise to consider risk -- always, not just when headlines flash potential trouble.

As Fidelity Investments points out, "An appropriate asset allocation includes a mix of stocks, bonds, and short-term securities or cash that aligns with your goals, time horizon, and your ability to manage risk."

So how do you manage risk?

Go behind the headlines. Understand your exposure. Follow what regulators are saying. And while doing so, expand the review to include all of your holdings and your overall financial situation. And don't hesitate to get help.

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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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