Actually, if you are talking about Brad's numbers (if they are real) then there might not be a problem. If the original gift was 50,000 and it lost 30,000 then there is only $20,000 left which is doable for a set of parents to give to one beneficiary assuming the ability to gift split between parents. Of course, they can't add much else.
I don't know what happens to the grand-parents gifting capabilities--I would think that is still shot through the 5-year period since a 709 has been filed (or should have been.)
Chip