In even the closest of families, there's always a tension between a trust's current income beneficiary and the remainder beneficiaries over the investment strategy. In general, the income beneficiary wants the assets in the trust invested heavily in high-yield assets, such as bonds, while the remainder beneficiary wants the assets to grow, which typically means investing in stocks. The bull markets of the 1980s and 1990s provided returns that generally satisfied both camps. But of late, the ...

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