Michele McKinnon participated in a webinar, covered in a Sept. 13 Tax Notes
article, discussing charitable giving in 2019, the impact of the 2017 tax
changes and favorable gift techniques in the current tax and economic
The article, “Uncertain Times Revive Interest in Charitable Gift
Annuities,” summarized McKinnon’s comments during the presentation on the
impact of the 2017 tax changes on charitable giving in 2018, which marked
the first decline in charitable giving in several years.
“A strong economy should have correlated with strong giving, but some of
the changes wrought by the Tax Cuts and Jobs Act, particularly the
increased standard deduction, reduced the incentive to give,” she said.
McKinnon, a partner in Richmond, added that she has observed a rise in the
remainder interest in a personal residence or farm gift technique over the
past year, presumably due to low interest rates and low impact of the gift
on the donor’s lifestyle.