^ No you don’t. My son makes nowhere near $70K/yr and brings home approx $38K/yr.
Depends on state and city taxes and income tax deductions.
Tennessee has no state income tax. Iowa’s, meanwhile, is about 4-5%.
My S is in Massachuettes, not a state known for its low taxes.
I think it pays to remember that income tax brackets increase only for the marginal amount. There’s no getting around social security/Medicare (double if the worker is an independent contractor!), but a good chunk of income isn’t taxed at all or is taxed at a lower rate than the last dollar is taxed.
dstark, there is nothing scarier for a parent than the uncertainty of what happens to your child after you are gone. Hope this planning will alleviate most of your worries. I also hope you and your wife have many heathy years ahead!
($40k sound doable, as many said. I know that you are pretty financially savvy to discount the $$ using a reasonable rate 
).
Is it your expectation that your other daughter will manage this daughter’s care in your absence? If so, does that obligate the other daughter to always live within X miles of this daughter - and if so, is she comfortable with that restriction? If this daughter becomes unable to manage living independently, who would care for her in that instance? I guess what I’m asking is guardianship worked out somehow?
I don’t pretend to know the ins and outs of dealing with an adult child with these disabilities, but it seems to me that there should be some kind of set-aside somewhere for a professional of some sort in case your other daughter is unable to provide the oversight. In terms of disbursing funds from your estate for the daughter’s care, would your other daughter do it in your absence, and is there another plan should she be unable to? Is there protection so that the older daughter wouldn’t take the funds? (not at all even remotely suggesting she’d ever do so, but it seems that there should be something in place to accomplish this automatically) I would imagine there are lawyers / financial people who are skilled in this area. Though I’m sure you’ve thought of this already. Again, best of wishes - your daughter is lucky to have you and your resources.
dstark, I know nothing about this, so please take this as honest questions from ignorance. What is the level of functioning of someone with a 62 IQ? Can she cook or manage household tasks safely? Can she be left alone in a house and if so for how long? Does she remember to do things for self-care or would she need to be monitored? (e.g., not wearing the right clothes for cold weather, not eating regularly) Is she able to interact with other businesses for her everyday needs? (like, could she call the cable company and resolve an issue, or order something and arrange for delivery) Is she susceptible to “bad people” who might take advantage of her?
My only experience is with a friend’s son who has Down syndrome, but honestly I have no idea what his IQ is.
I’ve met several under 60 year olds in independent/assisted care living facilities. One man moved in when his parents died. He continued part time work. Another was taken to local hospital, where she volunteered 2 days a week. She was also given tasks to help the Activities director. None of the others worked. Each person created a family within the facility.
Just another option.
@bookworm, as we communicated before, that is an option someday.
@BunsenBurner,@Pizzagirl, thanks.
I am going to answers some of Pizzagirl’s questions.
I have talked to my oldest daughter and she said she would manage my other daughter’s affairs. She is not obligated. We will set up contingency plans if she can’t or changes her mind. My oldest daughter can move wherever she wants. She is not restricted. She knows we want her near us. We did help her buy a house near us. If it is better for her to move, she should move.
My youngest daughter takes care of herself. She does not need to be monitored. The longest my wife and I have left her alone is two weeks. No problem. My wife’s best friend lives next door. She can check on my daughter too. My daughter will occasionally wear winter clothes in the summer. Luckily we live in a moderate climate. 
My daughter cooks very little. My daughter is walking distance to a grocery store, drug store, restaurants. She can walkover and get take out. She can not call a cable company. She can not handle money well. She is susceptible to bad people taking advantage of her. My wife and I are her custodians. We went to court and we can now make almost all of the major decisions in her life. She can vote if she wants. (Not going to happen).
The world moves too fast for my daughter. She can’t process everything that is happening. If she is watching tv and I ask her what she wants for dinner, she will say, “I will tell you later. I am concentrating on watching tv right now”. One thing at a time for her.
My daughter does not have any psychological or emotional baggage.She is easy going. She is not demanding. She likes herself and she likes others.
So I do have it easy. She was my easiest kid. My daughter was born the way she is so it is not as difficult compared to a disability caused by an accident or an illness. My daughter loves her life.
The biggest issues are what happens after my wife and I are gone? What happens when my wife and I can’t take care of her? And safety. She can not protect herself. We are trying to take care of these issues the best we can. It’s a work in progress. We are going to be tweaking the solutions to these issues for a long time.
$40k (and no taxes) is very doable (middle/upper middle class lifestyle) for one person.
With two people it would be a bit of a stretch but still liveable (lower middle/middle class lifestyle).
You could probably save some money on haircuts and food. “Home furnishings” seems more like a slush fund to me
These numbers are more accurate…
Annual costs
Housing costs… $21,000
Electricity, gas, water, sewer $2200
Cable, internet, phone $2000
home furnishings like tvs, computers etc $200
transportation, $500
health care costs (co-payments, etc), drugs, depends on age… $3000
dental costs, $400
food $7000
toiletries, cleaning supplies whatever I am missing…$1,000
clothing $500
gifts/holidays $400
entertainment, travel $2000
Haircuts $500
Total…$40700
Nice new profile picture.
I think the housing number is low or at least tight for the area you live in. Unless she will be living in a condo that you have purchased with a decent down payment or she has a housemate.
I spend like $50 a year on haircuts…
I’m still trying to figure out the $7k/year on food… For that price, I hope it comes with a personal chef lol
Central Marin photo. I moved.
I like your profile picture too.
@mom60, These numbers are if my wife and I die in the next few months. My daughter will inherit the place. Lower property taxes… The benefits of prop 13.
I called the assessors office today.As I understand it,in California, if you leave your home to a specific offspring, he or she will inherit the parent’s property tax. That is a heck of a deal.
So, I called the assessors office this morning… I asked how this works if I use a special needs trust, because technically, the property is not inherited by my child. The property goes into a trust for the benefit of my child. The person who answered the phone said that is a great question.
“We will get back to you”.
I am still waiting.
In the mean time, today, I was talking to a friend who owns a $1 million house in Berkeley. His property tax is $3,000 a year. His son is going to inherit that property tax someday.
Romani, that’s less than $20 a day. My daughter doesn’t cook much. Organic produce. Lots of fruit. My daughter eats well.
$70/week groceries, $40/week eating out, $25/week alcohol.
If you need to eat out, it goes really fast. I just spent $47 on dinner. Vegetables in tomato sauce, salad, two glasses of wine, and a good tip. Decent restaurant, but not particularly expensive. I could have done without the two glasses of wine, I suppose. But…it was such good wine.
Tomorrow I’ll probably spend $40-50 on food, two meals, skip one. I’m too old to eat fast food junk, and I’m not going to starve. If my husband does the same thing, there’s $90-$100 in one day for the two of us. Not including coffee.
$25 week on alcohol?! I drink more than my fair share and that is still pretty steep to me.
If you’re eating out enough to make the bill that high, then it kinda is like having a personal chef
How much would it have been without the wine?
If a $47 meal is “not particularly expensive”, what is your definition of “expensive”? I have had plenty of very good restaurant meals for a lot less than $47.