Buy and hold. The first word in this investing strategy is easy to do, but it's a different story for the second one. 

Granted, some stocks don't deserve to be held for very long. Management teams can lose investors' confidence or industry dynamics can change. There are many factors that can cause a stock to fall out of favor.

However, some stocks aren't hard to buy and hold. Here are three high-yield dividend stocks I plan on holding forever.

1. AbbVie

You can put a crown on AbbVie (ABBV -4.58%). With 50 consecutive years of dividend increases, the big drugmaker is a Dividend King. It's a generous member of royalty, too, with a dividend yield of over 4.3%.

What about the company's declining revenue? That doesn't worry me one bit. Instead, the context of what's going on makes me even more confident about AbbVie over the long run.

AbbVie's top-selling drug, Humira, at long last began to face biosimilar competition in the U.S. earlier this year. Unsurprisingly, its sales are falling and weighing on AbbVie's total revenue and profits.

However, this will only be a temporary problem. The company has planned for Humira's decline by building up a strong pipeline and making smart acquisitions. AbbVie should return to solid growth quickly.

Every drugmaker will face a patent cliff sooner or later. AbbVie has demonstrated that it can navigate these challenges effectively. I think the company -- and the stock -- will remain big winners over the coming decades.

2. Brookfield Renewable

I like a stock that has increased its distribution by a compound annual growth rate (CAGR) of 6% over a period of more than 20 years. And I like that stock even more when its yield is close to 4.5%. That's what you get with Brookfield Renewable (BEP 0.19%) (BEPC 0.09%).

But what makes me love this stock is its growth prospects. Brookfield Renewable fully expects to generate average annual total returns of between 12% and 15%. The low end of this range means that it could double my money in roughly six years.

I believe that Brookfield Renewable can achieve its targeted returns. The company ranks as a leading provider of renewable energy. There are few areas with as clear a path to growth.

A huge increase in electricity generated by wind and solar will be required to meet many countries' aggressive carbon reduction goals over the next few decades. Brookfield Renewable is well-positioned to meet the challenge with a development pipeline capacity more than 4x greater than its current capacity.

3. Brookfield Infrastructure

Is there a connection between my second and third high-yield dividend stocks I plan to hold forever? Yep. Brookfield Infrastructure (BIP -0.80%) (BIPC -1.04%) is basically a sibling of Brookfield Renewable. 

As its name indicates, Brookfield Infrastructure owns infrastructure assets that include data centers, communications towers, natural gas pipelines, rail operations, semiconductor manufacturing foundries, toll roads, and more. That's the kind of infrastructure that should enjoy demand for a long time.

Another big plus for Brookfield Infrastructure's business model is that it delivers steady cash flow month in and month out. This has enabled the company to grow its distribution by a compound annual growth rate (CAGR) of 9% since 2012. Brookfield Infrastucture's yield is currently nearly 4.3%.

While I intend to hold the stock forever, Brookfield Infrastructure doesn't always hold its assets forever. The company exits mature businesses and reinvests its proceeds in new, higher-growth opportunities. Using this recycling strategy should enable Brookfield Infrastructure to grow its funds from operations per unit by at least 10% over the long term while boosting its distribution by 5% to 9% each year.