For my mother-in-law, I went back through her old photos and found a really ugly scrapbook with jammed-in photos of a very memorable trip she took. I "borrowed" the scrapbook (snuck it out without her knowing, and returned it, of course!) and made a calendar with the photos of that trip. It was a once-in-a-lifetime experience (with her sister, when they were in their 60s, to the country where their father was born). Some calendar pages were a collage of a certain event during the trip, some were photos of the capital city of that country from when their dad was a boy. You get the idea.
You could also use photos of their wedding to make photo gifts. Many older parents don't have their precious photos in digital form, like many of us do (we have them on our phones, on our computers, in online storage, in Google plus, etc), and they might like to be able to enjoy their photos more. Those old scrapbooks with the "magnetic" sticky pages aren't too easy to enjoy after a couple of decades. Preserve their photos for them!
I also took my mother-in-law's and my husband's grandmother's favorite recipes and made them into a heritage cookbook for my husband and his siblings, and my MIL. At a craft store, I found black scrapbook 8x8 pages, and found a nice scrapbook (I bought enough to make a book for everybody in the family). I took my MIL's and dh's grandmother's old, faded, stained recipe cards and photocopied them (since they were in their handwriting). Then I included an up-to-date transcription of the recipe (if they were hard to read anymore), and a memory from them about the meal, or how that pie was always served at family gatherings, or from the war years when times were tough and they improvised, and created a new dish. Even though my MIL didn't cook anymore, she loved reminiscing about her mother making supper for her dad after a long day, and she loved knowing that the next generation would remember these recipes. I used a scrapbooking software to add trims and embellishments on the pages, and photos, but even a simple heritage cookbook would be wonderful to have.