You have grand children. Which, I am guessing, all of your children are out of the house or at least adults?
If this dog is fine in every other way, just build her a nice kennel area in your basement or garage, or yard. Something you can lock. And put her there when the kids come over. If you are likely to go where kids are with her use a muzzle. Put a muzzle on her when you take her to the vet, if there are no kids, take it off.
If you feel confident that she can have a great life without kids, give it to her. The rest of the time, she should be fine in her kennel.
Not every dog is a social butterfly. Not every dog is good with kids. Don't teach her protection sports, don't breed her, don't let her bite children, but there is no reason, that with some basic safeguards, you cannot manage her so that she has a very nice life with you, and children are safe.
If you had children living in the home, I think my advice would probably be way different. Even if a dog can be taught to leave your kids alone, your kids will have friends, and friends might not be off-limits -- much more difficult to ensure that everyone remain intact.
Bear Cub, Hepsi-Pepsi
Cujo2, Karma Chameleon
Ramona the Pest, Kojak -- who loves you baby?
Tiny Tinnie, Susie's Uzzi, Kaiah -- The Baby Monster.