photo ornaments - these would be cute for grandparents!! (I also try to make new ornaments for the kids each year)
dried and pressed flowers. would look nice in a frame.
preschool christmas gifts for parents - Google Search
What a great way to "save" all of our Christmas cards year to year! I plan on doing this... http://pinterest.com/pin/34762228343289079/ So maybe I could combine the two ideas and put a picture from our card on the back of the yearly tree ornament.