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If this is money you intend for your son to use for college look at a Section 529 plan. It allows the money to grow tax deferred until it is spent on college. When it is withdrawn the earnings are taxed at the child's rate. The money stays in control of the parent(or adult specified) not the child. If the child doesn't go to college it can be transferred to another relative. The limit is 50,000 for you and 50,000 for your wife (actually it is 5 years worth of the 10,000 gift limit) without gift taxes.
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