'95 Tbird excessive exhaust smoke

I'm no expert on car and was hoping to get some help in here. My Ford Tbird has been running great for years, but recently it appears to be putting off a lot of exhaust. I have no indicator lights coming on like an O2 sensor went bad or anything. Any ideas what could be causing this and if it requires I take it to be serviced...

Thanks!

blueish gray in color? blown head gaskets. roughly $1200 to get it fixed.

Puffy white smoke? Crack in the piston/cylinder.Thus letting in oil/coolant which burns white.Might cause detonation in the long run so you might wanna get that looked at.