Do my assets get a step-up in basis if they’re in my trust when I die?

Your share of the assets held in the trust does get a step-up — or step-down — in basis upon your death. Your spouse’s share of community property assets held in trust also receives a step up– or step-down — in basis at your death. There will be another step up– or step-down — in basis of your spouse’s share of the trust assets at the death of your spouse.