B’Ezrat HaShem my wife and I will be having our first child in October. We have been told that some relatives and friends will be giving the child money as a gift. As parents, may we use that money for buying items for the baby? Could we use it for ourselves, keeping track how much is used, to replace it later? Basically, what are the infant’s rights of ownership?

Generally, gifts to an infant are gifts to the parent that will be used for the infant's welfare at their discretion. There is no actual tranfer of "ownership" to the infant, unless placed in a trust of some form. Certainly the money may be used for parents' needs and replaced. Those who give the gifts will also probably assume that this will be done.