An elderly couple invited their only son and daughter living in different towns and gifted them most of the furniture, appliances, etc.

Question

An elderly couple invited their only son and daughter living in different towns and gifted them most of the furniture, appliances, etc. with the following advice: 1. They can remove it whenever convenient or sell it if they so desire. 2. While the goods are still with the parents, they will use it as a loan. 3. As both parents are over 70 years, they have realised that their demise cannot be too far off. So this move has been done to avoid estate problems. If this offer has been accepted, is it valid and in order?