Unfortunately, it is considered a gift.  Thus, you will not be able to take a
tax deduction on your return.  However, your sister will get the benefit of
avoiding a great deal of capital gains tax.  If you will e mail me the
following, I will prepare the paperwork on both accounts for her signatures:

          social security #
          address for mailing statements
          date of birth
          name of employer
          husband's name
          husband's social sec #


I would highly recommend using the aged based plan that will become increasingly
more conservative as the child reaches the age to enter college. i.e.,  the plan
will weigh more toward bonds and cash with time, less on stocks.