The new tax law has led some seniors to assume that they can delete estate planning from their to-do lists. But that is a dangerous assumption.

Yes, the new tax law roughly doubles the federal estate-tax exemption, to about $11.2 million per person--meaning the vast majority of people will not be subject to federal estate tax. But before you take your estate planner off speed dial, consider this: The sharp increase in the federal exemption amount means that old wills and trusts may be in urgent need of an update.

What's more, the law opens new opportunities for estate-planning techniques to save you a bundle on income