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!
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.
He will get distributions eventually when the person passes away. No control over distributions currently. He is not the trustee.
