This text is often twisted around and perverted in an attempt to prove that Abraham is not dead - that he has already gone to his promised reward without having to be resurrected - just the diametric opposite of what Jesus used this illustration to point out. Christ states plainly in John 3:13 that "no man has ascended to heaven" - which would obviously include Abraham!
God is the God of the living, not the dead. Jesus was speaking of their future resurrection to immortal life! For He plainly said, "As touching the resurrection of the dead...."
We can now see why Abraham and his children through Christ have not, as yet, inherited the promises (Hebrews 11:13, 39-40). They simply cannot come into this eternal inheritance until they receive eternal life (I Corinthians 15:50-54)! This, as Paul explained, will happen at the resurrection from the dead!
Without a resurrection, the dead would never live again! (I Corinthians 15:16, 18.) Therefore, the resurrection of the dead is central to God's plan. And unless Abraham, Isaac, Jacob, and all deceased Christians are resurrected from the grave at Christ's coming, they cannot inherit the promises!
The resurrection of the dead shall occur at the second coming of Christ - when He comes as the King of kings and the Lord of lords to reign over and to rule all nations of the earth. When He comes to set up His Kingdom, then Abraham and his spiritual children in Christ shall be given immortality and will inherit the Kingdom of God - a world-ruling government headed by and ruled by Christ, occupying the very land promised to Abraham - the land stretching from the Nile to the Euphrates River. This Kingdom or government composed of immortals shall rule over all the nations of earth composed of flesh and blood mortals. How different the plain truth of God's Word is from the ancient religious fables and myths which the world embraces today!