For years we've been hearing about the "Great Wealth Transfer."

Headlines suggest that Baby Boomers will pass trillions of dollars to their children and grandchildren over the coming decades. It has become one of the most talked-about financial events of our time, and for many younger families, the expectation of receiving an inheritance has quietly become part of their long-term financial planning.

But a recent report suggests the amount families actually inherit may be far less than many expect. Why?

Because assets held today are not the same as wealth that will eventually be passed on.

Before an estate reaches the next generation, retirement living expenses, healthcare, long-term care, taxes, debt, and other financial obligations often consume a significant portion of what appears to be substantial wealth on paper.

That raises an important question.

Should anyone build their financial future around an inheritance that may never arrive?

I believe the answer is no.

A Home Often Serves Many Purposes Before It Becomes an Inheritance

For many families, a home represents their largest financial asset. But it is much more than that.

It provides shelter during retirement. It may become a source of funds through refinancing or a reverse mortgage. It can help pay for healthcare or long-term care. Sometimes it must be sold so a surviving spouse can relocate closer to family or move into assisted living.

Only after those needs have been met does a home become an inheritance.

That isn't poor planning. It's exactly what those assets were intended to do.

After working for decades to build financial security, most people want that security to support them throughout retirement. Any inheritance that remains is simply what is left after a lifetime of responsible financial decisions.

The Real Lesson Isn't About Inheritance

I think the bigger lesson is about wealth creation.

The families who built financial security over the past several decades generally didn't do it by waiting for an inheritance. They built it by purchasing assets—particularly real estate—and allowing those assets time to grow.

When I purchased my first condominium in 1983 for approximately $120,000, I wasn't thinking about retirement. Like most first-time buyers, I simply wanted a place to call home. Today, that same property is worth more than $850,000.

My mother purchased her home in 1986 for approximately $260,000. Today, its value is around $2.3 million. Neither of those gains came from inheritance. They came from time.

That's one of the greatest advantages real estate has historically offered. While markets experience periods of growth and correction, homeowners who remain invested over many years have often benefited from long-term appreciation while also building equity with every mortgage payment.

Waiting Can Be More Expensive Than Many People Realize

One point from the recent research stood out to me. Many millennials view an inheritance as critical to achieving long-term financial security, including buying a home. I understand why.

Housing affordability has become increasingly challenging, down payments are larger, and mortgage rates remain higher than many buyers would like. But depending on a future inheritance also means depending on circumstances no one can predict.

No one knows how long their parents will live. No one knows what healthcare expenses may arise. No one knows whether long-term care will become necessary or whether changing life circumstances will require assets to be used differently.

Building a financial plan around an uncertain future places your goals in someone else's timeline. Building your own plan puts those goals back into your own hands.

Earlier Help May Have Greater Value

One of the more interesting findings from the report was that many Baby Boomers would rather help their children while they are alive than leave a larger inheritance after they are gone. That makes sense.

Helping with a down payment, contributing toward education, or assisting during a major life transition may create opportunities that compound for decades. In many cases, modest financial assistance today may have a greater long-term impact than a much larger inheritance received thirty years later.

The Conversation Families Should Be Having

Perhaps the greatest takeaway isn't about dollars at all. It's about planning.

Families benefit when retirement planning, estate planning, housing decisions, taxes, and long-term care are discussed before a crisis occurs.

Clear expectations reduce misunderstandings. Good planning helps protect financial security. Honest conversations allow families to make informed decisions together.

An inheritance should never be viewed as a guarantee. It should be viewed as a possibility.

The Bottom Line

The "Great Wealth Transfer" will undoubtedly occur. But every family's story will be different.

Some estates will grow. Others will shrink. Many assets will be used exactly as intended—to provide security, dignity, healthcare, and quality of life during retirement.

Rather than counting on what may someday be inherited, perhaps the better approach is to focus on building wealth whenever possible.

For generations, homeownership has been one of the most effective ways families have created long-term financial security.

That lesson hasn't changed.

If anything, it may be more important today than ever.

Disclaimer: This article was inspired by a recent Realtor.com® report discussing new research from Visa Business and Economic Insights on the projected "Great Wealth Transfer." The perspectives shared here are my own as a real estate professional and are intended to encourage thoughtful discussion about homeownership, long-term planning, and building wealth across generations. I am not a financial planner, tax professional, or attorney, and readers should consult qualified professionals for advice regarding their individual financial, tax, legal, and estate planning needs.