If I received a large gift (>$100,000) from a family member living overseas (non-US person), what are my tax obligations? Is the gift taxable? Do I file Form 3520?

I plan to receive a large gift from a foreign family member. They are not a US citizen or US resident for tax purposes. I am a US resident for tax purposes. Will the gift be considered taxable income? I understand I need to complete section IV on Form 3520 -- is there anything further I need to consider before accepting the gift?