Interesting and important thread going on here. A good number of us are of "an age" where thinking of this sort of stuff is important. Sharing ideas and plans is helpful.
My plan for many many years - going back to even when I was married was to pay the house off and live in it a long a we could. This is a big place that needs a lot of on-going care. Given the right buyer we could get quite a bit for it. 4 bedrooms, 9 1/2' high ceilings, red oak wood-work, 1/4 acre of land in the middle of the village, commercial zoning.
The reality - as explained to me by a real-estate agent friend - is that the ideal buyer would be a young family with a bucket full of kids who are ok with doing a lot of handy-man sort of work on a regular basis in exchange for a big back yard and some elbow room. They would pay roughly 1/2 of what someone looking for what one friend of mine described as a "museum house".
One thing that has happened in this area is that there is a "lot" of one/two bedroom single story rentals townhouses being built. They are literally sprouting up everywhere. There's 4 of them going in around the corner in fact. Because of my ex-wife's growing mobility problems it was an ideal solution for us when down-sizing. The plan is still to take the money out of the house and turn it into a form of annuity to cover rent for probably about 10 years. If I stay here until I'm in my early 70s (reasonable I think) then that puts me as living independently still into my 80s essentially rent free.
Looking at a legacy for my kids is one thing but they don't expect anything, don't really need anything from me. And also like many of us, I would expect that there's nothing they would get from their mother and I don't include anything from there in any of my calculations.
I laugh whenever we have the pension meetings at work and they make the case for leaving a legacy for the kids in the case of an early demise. I have no plans on being dead and plan based on that assumption
On BD H52, W50 T27, M26 S21, D23 BD-9-Mar-16 D-15-Jan-18 Final-19-Apr-18 I am a storyteller. The story may do you no good. But a story is never for the listener. It is always for the one who tells