So if you, watching from a safe distance, attempt to witness my fall into the hole, you'll see me fall more and more slowly as the light delay increases. You'll never see me actually get to the event horizon. My watch, to you, will tick more and more slowly, but will never reach the time that I see as I fall into the black hole. Notice that this is really an optical effect caused by the paths of the light rays.
This is also true for the dying star itself. If you attempt to witness the black hole's formation, you'll see the star collapse more and more slowly, never precisely reaching the Schwarzschild radius.
Now, this led early on to an image of a black hole as a strange sort of suspended-animation object, a "frozen star" with immobilized falling debris and gedankenexperiment astronauts hanging above it in eternally slowing precipitation. This is, however, not what you'd see. The reason is that as things get closer to the event horizon, they also get dimmer. Light from them is redshifted and dimmed, and if one considers that light is actually made up of discrete photons, the time of escape of the last photon is actually finite, and not very large. So things would wink out as they got close, including the dying star, and the name "black hole" is justified.
As an example, take the eight-solar-mass black hole I mentioned before. If you start timing from the moment the you see the object half a Schwarzschild radius away from the event horizon, the light will dim exponentially from that point on with a characteristic time of about 0.2 milliseconds, and the time of the last photon is about a hundredth of a second later. The times scale proportionally to the mass of the black hole. If I jump into a black hole, I don't remain visible for long.