It was my goal to register my daughter's name on the day she was born but I was just too caught up in the moment to think about anything but her. It took me three days before I came to my senses! Not only did I get her firstnamelastname.com, I secured all the other major TLDs. That way she's covered depending on what she decides to do. ;)
I also went one step further and got firstnamemiddlename.com. She'll like that. All of them are registered in 10 year intervals. I'm not taking any chances.
Don't forget, this not only applies to children. It could apply to your parents, grandparents, etc. firstnamelastname.com TLDs are a one time deal. To receive one as a gift is priceless.
If you really want to go overboard, just by an entire TLD portfolio for the recipient! Get all the TLDs while they are still available. Register them for 10 years (or whatever the max available) at a pop.
Go to your local office supplies store. Find the preprinted bordered certificates. You know, they have them with gold leaf and other intricate designs. Get a few of them. Next time you purchase a TLD for someone as a gift, present it to them in certificate form. You could even go as far as framing it. Again, these are once in a lifetime gifts.
Someone also needs to make sure that the registration of the domain remains in force at all times. You don't want those expiring. Since I manage the ones I've purchased, when renewals come up, I'll just send another card with a confirmation that I've renewed the domain for 10 more years as a gift. At some point they will want me to develop a website. :)