@Ram sis singh , form 3520 is required to be filed individually for each recipient of gifts equal or more than US$100,000. However, and absent any other facts that you have not disclosed on your ;post , because the minors are probably your dependent, I would suggest recognizing the whole ( total gift amount ) by filing a form 3520 by yourself or you and your spouse --- I say this because clearly ( or may be interpreted as ) you are receiving the total amount for your use but breaking up the donation/ gift into chunks just under the threshold for reporting. That is my opinion and undoubtedly some will disagree.
pk
