Yes, definitely no fasting!
Here is what the
Directory on Popular Piety and the Liturgy says about the Assumption:
- The Solemnity of the Assumption of the Blessed Virgin Mary clearly stands out in Ordinary Time because of its theological importance. This is an ancient memorial of the Mother of God, which signifies and synthesises many of the truths of the faith. Our Lady assumed into Heaven:
- is “the highest fruit of the redemption” [196], and a supreme testimony to the breath and efficacy of Christ’s salvific work (soteriological significance);
- is a pledge of the future participation of the members of the mystical Body of Christ in the paschal glory of the Risen Christ (Christological aspect);
- is for all mankind "the consoling assurance of the coming of our final hope: that full glorification which is Christ’s will also be that of his brethren, since He is of the “same flesh and blood” (Heb 2, 14; cf. Gal 4,49) [197] (anthropological aspect);
- is the eschatological icon in which the Church joyfully contemplates “that which she herself desires and hopes wholly to be” [198] (ecclesiological aspect);
- is the guarantee of the Lord’s fidelity to his promise: he reserves a munificent reward for his humble Servant because of her faithful cooperation with the divine plan, which is a destiny of fulness, happiness, glorification of her immaculate soul, her virginal body, perfect configuration to her Risen Son (mariological aspect) [199].
- The Assumption of the Blessed Virgin Mary (15 August) is deeply imbedded in popular piety. In many places the feast is synonymous with the person of Our Lady, and is simply referred to as “Our Lady’s Day” or as the “Immacolada” in Spain and Latin America.
In the Germanic countries, the custom of blessing herbs is associated with 15 August. This custom, received into the
Rituale Romanum [200], represents a clear example of the genuine evangelization of pre-Christian rites and beliefs: one must turn to God, through whose word “the earth produced vegetation: plants bearing seeds in their several kinds, and trees bearing fruit with their seed inside in their several kinds”(Gen 1, 12) in order to obtain what was formerly obtained by magic rites; to stem the damages deriving from poisonous herbs, and benefit from the efficacy of curative herbs.
This ancient use came to be associated with the Blessed Virgin Mary, in part because of the biblical images applied to her such as vine, lavender, cypress and lily, partly from seeing her in terms of a sweet smelling flower because of her virtue, and most of all because of Isaiah 11, 1, and his reference to the “shoot springing from the side of Jesse”, which would bear the blessed fruit of Jesus.
[196] SC 103.
[197] PAUL VI, Apostolic Exhortation Marialis cultus, 6.
[198] SC 103.
[199] Cf. PAUL VI, Apostolic Exhortation Marialis cultus, 6.
[200] Cf. RITUALE ROMANUM Pauli V Pontificis Maximi iussu editum…SS.mi D.N. Pii Papae XII auctoritate auctum et ordinatum, Editio iuxta Typicam, Desclée, Romae 1952, pp. 444-449.
I will be watching to see the traditions of other people.
. Have a extra big juicy steak…solemnities (the highest rank of feast) such as the Assumption are to be celebrated as a Sunday. Fasting (such as abstaining from meat) is appropriate on penitential days such as Fridays during the year or the weekdays of Lent. That being said, traditionally the vigil of the Assumption (the day before) is a day of penance in which we prepare ourselves…traditionally Catholics would have abstained from meat on August 14 and then feasted on August 15. We must die with Christ in order to rise with him 
. Our Eastern brothers and sisters observe the Dormition Fast - they abstain from meat, dairy, wine, etc. for two weeks in preparation for the celebration of this feast…but on the feast itself they, well, feast! 