Are you willing to hold onto an investment for 10 years – for the sake of paying zero capital-gains taxes? There's a new opportunity for you.

The Tax Cuts and Jobs Act of 2017 called for the designation of Opportunity Zones and the creation of Qualified Opportunity Funds in yet another attempt to spur private, long-term investment in low-income areas. O-Zones aren't just for Wall Street types. Anyone with a capital gain is eligible. O-Zone investments could also serve as a supplement to a retirement account or as an estate planning option.

"A lot of folks want to put funds together to invest. You raise money through an LLC or partnership," said Wendi Kotzen, a partner at Ballard Spahr. "You can set it up for yourself, as long as it has to have at least two real investors. There's no reason this has to be restricted to hedge funds or private equity," she said.

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