Do the beneficiaries of a revocable living trust receive a step-up in basis at the death of the grantor?

Yes, the beneficiaries of a revocable living trust generally receive a step-up in basis for the assets held in the trust upon the death of the grantor. This is because the assets in a revocable living trust are typically included in the grantor's estate for tax purposes. As a result, the basis of the assets is adjusted to their fair market value at the time of the grantor's death. This step-up in basis can reduce the capital gains tax liability for the beneficiaries if they decide to sell the assets. However, specific circumstances can vary, so it's important to consider the details of the trust and consult with a legal and tax professional for personalized advice.