Granted, I took a year of Latin in high school, but given that no one actually speaks it, I can't see the point of spending a lot of time studying it. I wouldn't go out of the way seeking it out. There are far too many spoken foreign languages in the world that would prove far more useful in life.
it can be useful depending what you go on to do in later life. My sister did Latin and it turned out to be a good thing in her chosen career, but I agree, it's not something that's essential and as you don't know what you're kids are going to do when they grow up, it might be better for them to study a modern language and they can always go on to do something like Latin if they need it for further study later on in life.