Tax liability upon final exit

[David McFarland]

I've been researching the tax liabilities associated with the "final exit" after a series of 1031 exchanges.  I have had some folks caution me that they "can't afford" to exit after 30 year of real estate investing but I cannot figure out how.  I learn best with examples so am hoping that someone can give me an example of their personal tax liability after many years in the business.  I understand I'll be on the hook for long-term capital gains (15-20%), state capital gains (4.63% in my state of CO), depreciation recapture (capped at 25%) and Net Investment Income Tax (3.8% on gains above $250,000 - I'm MFJ).

Maybe some folks just don't understand the power of 1031 exchanges or maybe I just need to understand it better.  

Thanks.

Dave