Wow ... you do have a crazy family! LOL. I can't believe three of them are on board with this idea.
My parents are no where near 60 (well my dad is, but shh!) and they're just happy when my brother and I (he's 22, I'm 24) remember to send them a card for their birthday. Seriously. I'm often strapped for cash, and my parents know this. If my brother and I thought of doing something like this for my dad, I think we would give them both a heart attack.
Sorry, I agree with you and the other posters, that's just insane. When I'm 60, I hope my kids get some wild hair up their behind to give me $25k. Man, we'd go on some crazy vacations, but there would be no way I'd spend the mnoney on a car, lol.