When did you stop reading comics? If it was around 2004, then much has changed. If you quit later than that, then you shouldn't have much of an issue jumping in with your prior knowledge.
I'd start by diving right into Marvel Now's #1 issues. For the X-Men, this is definitely All-New X-Men and Uncanny X-Men. For Avengers, I would lean towards adjectiveless Avengers and definitely Uncanny Avengers.
If you need to bone up on what's happened the last few years, I suggest looking into a subscription to Marvel Digital Comics Unlimited, which is fully stocked with many of the seminal comics from the last decade and beyond.
Avengers vs. X-Men is a definite must read (either the comics or a summary) as it really defines both the X-Men's and Avengers' new normal.
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