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Husband just diagnosed with Alzheimers at age of 80, no longer can drive.

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Yes there is a problem. If they belong to a business, there are tax issues for the business to cope with.
Unless you have a million dollars put away for a nursing home, you'll need Medicaid to pay the bill. They will impose a penalty for gifting assets away. Sell the cars at fair market value.
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Mopsygirl,
If the cars are in the name of a business, and if they work for the business, they can drive the cars.
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It depends on whether you might need to apply for Medicaid within the next 5 years. Unless the children pay fair market value, this will be considered a gift.
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