Terrible advice, the important thing here is they are retired and are holding almost all equities. That needs to be addressed immediately with less risky assets and then a withdrawal plan. After that is designed you can start thinking about giving what you don't need/want away.

Piece of cake. Purchase real estate in places like London, New York or Silicon Valley. That'll put a dent in 5M to get you started. That's a lot of money for normal people, but peanuts for rich folks.