I wouldn't recommend recreating the picture frame you made for your mom out of popsicle sticks in 2nd grade. Instead think of creating one out of real wood, mosaic, collage, or something full of meaning. You can even buy a plain picture frame and jazz it up.
The same goes for a memory box. You can paint it or decorate it in some other way. My friend who suggested this idea made at least one for my friend in high school, and she always made them incredibly intricate. It helps if you know what kind of memories the box can keep that way you can theme it towards them.
Thanks for the great idea Lauren!