ptax255
Level 7
02-16-2024
01:11 PM
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Hi, client was named as a beneficiary of a foreign trust. There were no distributions made to him. Does it need to be disclosed anywhere? Thank you!
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sjrcpa
Level 15
02-16-2024
01:13 PM
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Did he have the right to distributions? Does he control when distributions occur?
If so, FBAR and/or 8938 may apply but it doesn't like 3520 does.
The more I know the more I don’t know.
ptax255
Level 7
02-16-2024
01:45 PM
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He will get distributions eventually when the person passes away. No control over distributions currently. He is not the trustee.
