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The child owns the account, but won't have control over it until he reaches the age of majority in his state. If your intention is this money will be used for college, then consider opening a cover Dell or 529 account so the money will grow tax-free. In 2023, each individual can give anyone $17,000 or less and the IRS doesn't care.
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Listen to the best highlights from the podcasts you love and dive into the full episode