elderly jade tree needs help

Prescott, AZ(Zone 8a)

Our 45 year old jade tree began dropping branches six months ago. The branches were hollow inside, black and damp at the point they fell off. Now I have one two-inch diameter branch I've cut back to clean growth and hardened off. Should I try to root it in water or replace all the soil in the pot and stick the branch in to root? I hate to lose the plant entirely after all this time.

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