Question for a finance professional... (funds, pay, taxes, wire)

[NowAndLater]

I've been browsing and cant find anything related to this.

I won a medical malpractice suit and am wanting to take it with me to another country where I can obtain citizenship and lower cost healthcare to help with the disabilities accrued.

What would be the smartest way? Without paying an 'exit tax' or any other type of taxes? Or would there even be any costs associated with this? Its above the 10k mark and as I understand, movement of more than that requires the IRS to get involved.

Do it a wire transfer few thousand at a time? Buy a bunch of gold?

The problem I see that's different is, this is not considered 'earnings' as I didn't have to pay income tax on it.

Any help or direction is appreciated. Thank You.

[Lowexpectations]

You can wire transfer any amount you want. The financial institution will file a sar but you have no direct interaction with the irs.

[JohnnyMack]

What country do you think will allow a handicapped person from the US become a citizen?

[midwestlaxer]

Awards aren't taxable. They aren't considered income...IRS doesn't care what you have in the bank and are transfering out. Now if your award was structured as a periodic cash payment that you were trying put into your bank account...then that's a different story.

[NowAndLater]

OK, thanks for the tips. I didn't want to get to my destination and end up on a xx month hold of my funds.

[lurtsman]

You may want an actual CPA to help with your planning, but what country is actually accepting disabled Americans that would like access to their medical care? Most first world countries directly prohibit the immigration of people that will be unable to improve upon the economy in the country they are moving to. At least, that's how I understood it. -- Financial Analyst