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Creating a True Legacy at Cathedral

McNulty Family

The McNulty family with the Legacy Cross. Front row, from left: Jason McClellan '98, Kristin McNulty-McClellan '98, Jacque McNulty '78 and Patrick McNulty '08.
Back row, from left: Brad McNulty '01 and Jerry McNulty '76.

Jerry and Jacque McNulty have a permanent place in the heart of the Cathedral family. Three generations of McNultys have attended either the original all-boys school in downtown Indianapolis, one of the associated women's academies or the current 56th Street location.

Jerry McNulty '76 and his wife Jacque, who graduated from Our Lady of Grace Academy in 1978, have created a permanent legacy with Cathedral that will benefit future generations of Irish.

"Our son, Stephen McNulty, died when he was a senior at Cathedral," Jacque explains. "We wanted to do something in his memory on campus, and what began with a couple of pieces of stone and a prayer eventually became the Legacy Cross."

Stephen McNulty was a member of the Class of 2006.

Creative Ways to Give Back
The Legacy Cross is an iconic image in the courtyard of Cathedral's campus. Dating back to the 1940s, the cross serves as a fitting tribute to the students who died while attending Cathedral. Students gather around the cross to pray, reflect and connect with others.

The McNultys used the image of the Legacy Cross as a creative way to fund their family's endowment to the school. Custom designed silver and gold Legacy Cross necklaces will be sold in the Cathedral Spirit Shop to benefit the Stephen K. McNulty Memorial Endowment Fund, which provides tuition assistance to students who otherwise might not be able to attend Cathedral.

The McNulty family has pledged to match the funds raised by necklace sales, and while the initial amount contributed from each necklace may seem small, over time, the benefit will be tremendous.

"You don't have to contribute a large amount of money to set up an endowment like this," Jerry says. "Simple things can make a big difference. Think small, and the results will grow.

Learn More

For more information on ways you can create a legacy gift that supports Cathedral's future, contact Abbe Ernstes at (317) 968-7348 or

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A charitable bequest is one or two sentences in your will or living trust that leave to Cathedral High School a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Cathedral High School, a nonprofit corporation currently located at 5225 East 56th Street, Indianapolis, IN 46226, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Cathedral or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Cathedral as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Cathedral as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Cathedral where you agree to make a gift to Cathedral and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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