Holographic communication, large-scale demographic shifts, the rise of “smart” cities, moonshot medical advances — these are just some of the big innovations and trends that could transform the way we live, work and invest in the decade to come. At the same time, the global economy will continue seeking solutions for everything from climate change and resource scarcity to income inequality.

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AS YOU REVIEW YOUR PORTFOLIO throughout the year, you may consider selling some investments that have increased significantly in value since you bought them. Selling high performers can help you capture long-term gains as you rebalance your portfolio periodically. You may owe capital gains tax on their increased value, says Joe Curtin, head of CIO Portfolio Management for the Chief Investment Office of Merrill and Bank of America Private Bank. But rebalancing can help you keep your investments in line with your goals and preferred asset allocation. And remember that capital gains taxes are a result of successful investing, he says. 

While few people enjoy paying taxes, a capital gains tax of, say, 20% (rates vary depending on your income) “may be a small price to...

MOST PEOPLE DON’T WANT TO THINK ABOUT the health-related what-ifs that come with aging, let alone talk about them—especially with family. Nonetheless, that conversation is critical to have. Having a plan in place that you’ve put together as a family can free everyone up to focus on each other, instead of worrying about where the money will come from should you, or an aging parent or spouse, fall ill. “The best time to talk about these matters is before you need to,” notes Cynthia Hutchins, director of financial gerontology at Bank of America Merrill Lynch.

Below are four questions to help you start having these important family talks with your spouse, your children, your parents and your siblings. Use them to share your expectations with your family. Consult your financial advisor about ways to prepare financially for the healthcare costs that may occur. And keep talking as years go by and circumstances change. While no one can know the future, being prepared...

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