There's a lot of speculation about what will happen to the federal estate tax (or the "death tax," if you oppose it) next year. A handful of bills have been introduced in Congress recently, many of which would raise the current exemption from $3.5 million to $5 million and keep the tax rate at 45%. (Under current law, the estate tax disappears in 2010 but is reinstated in 2011 at 55% on estates larger than $1 million.)

Whether the exemption jumps from $3.5 million to $5 million — or disappears altogether — you may assume that you don't have an estate tax issue. Few of us leave behind that much wealth. But here's where many people go wrong: While you may not owe federal taxes you could be on the hook to your state. More

As the King of Pop, Michael Jackson was bound to have a complicated estate. But in the days following his tragic death last week, the biggest estate-planning hurdles have had nothing to do with the size and complexity of Jackson's legacy. They've been the bare-bones elements of estate planning: having an updated will, an appointed executor for the estate and a named guardian for minors.

Estate planning is all about change: Your plan has to evolve as you marry and divorce, have children, form and cut business ties, and accumulate assets and debt — all things that happened in Jackson's life (though, admittedly, on a very grand scale). You also have to make sure to share the details of your plan with at least one person that you trust. According to news reports,  Jackson's latest will dates from seven years ago, but there is speculation about whether a more recent version exists.

If you think you need to update your estate plan, check out these recent Money stories here and here on what to do. You don't need to be a global pop icon with mega millions to warrant putting together a plan. As Jackson's death shows, an estate plan is critical if you have minors: It's the only way you, not the courts, can control who becomes the guardian of your children. Once drafted, you should revisit your estate plan every few years. Even if your circumstances haven't changed, new estate tax rules could upend your best-laid plans. Need to find an estate planning attorney? Look for one in your area through the American Academy of Estate Planning Attorneys.