If you have not reviewed your will in the last four or five years, take a good look at it. The complicated tax planning we went through years ago to limit our tax liabilities may not be necessary anymore, what with higher tax exemptions and portability options.

This year's federal estate tax exemption is $5,430,000; the figure is expected to continue to rise, since it is indexed to inflation. In addition, if a spouse dies without using the entire exemption, the unused portion can be added to the exemption of the surviving spouse.

The super-rich aside, few of us need to worry that too much of our hard-earned assets will go to taxes. The various trusts used to keep assets in the spouse's name, so as to protect them from immediate estate taxes, are probably not needed any more. It's wise to consult with a lawyer to cover individual family needs.

In addition, individual states are increasing their estate tax exemptions, in hopes that well-to-do retirees will stay there, spending money and paying income taxes. This year, Tennessee raised its exemption to $5 million; New York's went to $3.125 million, Maryland's to $1.5 million and Minnesota's to $1.4 million. Maryland and New York will meet the federal exemption by 2019 and Tennessee will drop estate taxes by 2016.