How to protect your kids from identity theft, and more

Here are this week's top pieces of financial news and advice:

Protecting kids from fraud

Identify theft is a big problem, said Ron Lieber at The New York Times, even for little kids. And because youngsters don't normally check their credit reports, "thieves may not get caught for years or even decades." A 2011 study revealed that up to 10 percent of U.S. children may have had their Social Security number used by someone else. One way to protect your kids is to "put a freeze on their credit reports." That way, any new creditor can't open an account without your knowledge. Trouble is, not all credit bureaus are on board, because freezes are a "giant roadblock in their business of peddling our information." But laws are changing in several states to make the process easier. In the meantime, don't post kids' birthdays on social media sites and keep Social Security cards "at home under lock and key."

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Tax shelters for investments

If you were just hit with a hefty tax bill on your investment portfolio, said Jonathan Clements at Wall Street Journal, "forget trying to do better over the next year, and instead think about the next few decades." Sure, selling off losing stocks and holding on to winners for more than 12 months can reduce your near-term tax burden, but to really protect your assets, "stick investments that generate big tax bills into your tax-deferred retirement account." That way, you won't get hit with annual taxes on "tax-inefficient investments" such as real estate trusts. And be sure to load up your taxable account with stocks you'd "be happy to hold not for 12 months, but until death do you part." Under current law, if you own investments with unrealized capital gains when you die, "the embedded tax bill disappears."

Storm-proof your home

There's more to spring-cleaning than just clearing out a few closets, said Kimberly Lankford at Kiplinger. Insurance data shows that storm-damage claims peak from March through May. Luckily, "some simple steps can make a big difference in protecting your home." This year's rough winter weather was probably hard on your roof, so now's the time to "repair any missing shingles" and make sure your gutters are clear and "still draining properly." As the trees start to bud, it‘s a good time to "remove dead branches that could become projectiles." If you live in an area prone to hurricanes, installing storm shutters can "give you an insurance discount of up to 25 percent."