Reply to DH is a new big law partner and I have no clue how to budget

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm not going to judge you for not being actively involved in the big-picture finances; that's the same in our house (with a gender swap).  But if your DH has handled savings/investing in the path, and you handle household/variable/discretionary spending (either with a strict budget or by just keeping an eye on things), I'm not sure why you think you're expected to be responsible for calculating and setting aside taxes under the new system?  My guess based on the way you've been managing things is he's already putting estimated taxes aside and leaving you with what's available.  That's what I would do.[/quote]

Well there isn’t a lot to be involved in. We max out 401K, put a certain percentage in other investments, DH has some he just plays around with, and there is the mandatory retirement. We haven’t put aside any for quarterlies. I think his feeling is that we have plenty of money and we aren’t big spenders (relatively speaking) and he just isn’t worried about not having enough set aside for taxes. [/quote]

Okay, that would make me nervous.  In that case I would aim to put at least 30% of what you see every month aside for quarterlies.  That way his "we aren't big spenders" assurance will be satisfied, because you can't spend it.  After the first year (and the first big disbursement) you should have a better idea of what you'll owe, and a bigger cushion to make those payments from.

It's absolutely worth sitting down with a tax professional in this circumstance to get a better understanding of what's to come, and if his firm didn't provide one then someone in his practice group can certainly recommend theirs.[/quote]

At most firms you do not need to put anything aside for quaterlies.  The firm makes a distribution to you for that.  You just need to see if that amount covers you based on expected income or last year's income.[/quote]

Um been at a partner at several biglaw firms and never had that. Different at every firm. [/quote]

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