The Step-Up in basis rule is a terrific tax rule that allows the inheritor of capital assets to minimize their tax liability on that inherited asset. It will increase your tax basis on an asset when determining what your tax liability could be if you want to sell it.
It also is important to note that 401(k)s & IRAs are NOT allowed to take part in the step-up in basis benefit. So know what you own and know what you might inherit. It could make a big tax difference to you!