King Felipe and Queen Letizia donate millionaire's inheritance to charity
Thursday, February 19, 2015 @ 10:26 AM
KING Felipe and Queen Letizia have handed over their inheritance from a Menorca-based businessman who died leaving half his assets to the couple, who were then the Prince and Princess of Asturias, and to King Juan Carlos I and Queen Sofía's grandchildren.
Juan Ignacio Balada Llabrés, who is said to have led a modest lifestyle but was a very prudent and thrifty saver, left enough that the quarter of his estate handed over to the new King - who was crowned in July last year - and his wife led to their paying €682,544 in inheritance tax on the total.
Balada Llabrés passed away on November 18, 2009 leaving no family, and he wanted the 50% of his assets not bequeathed to the Royals to be used to set up a charitable foundation in Menorca, with Felipe VI and Letizia as executors.
One of the charities which has benefited from the former Prince and Princess of Asturias' inheritance is the Foundation for Disabled Persons on the Island of Menorca (FPDIM) - a project has been set up to help create jobs for young adults with disabilities.
Another chunk of the money has been used to renovate the pharmacy once owned by the Llabrés family, so that the building can be used for activities for disabled children in Menorca.
All bar €30,000 of HRHs Felipe and Letizia's part of Balada Llabrés' estate has been spent on charity and social welfare causes in Menorca, and the remainder will be donated once a worthy home for it is selected.
read more at thinkSPAIN.com