Here's the WT Society's take on these verses, from the book "You Can Live Forever in Paradise on Earth", published in 1982.
*** pe 88-9 9 What Kind of Place Is Hell? ***
What, then, did Jesus mean when he said in one of his illustrations: “The beggar died, and was carried by the angels into Abraham’s bosom: the rich man also died, and was buried; and in hell [Hades] he lift up his eyes, being in torments, and seeth Abraham afar off, and Lazarus in his bosom”? (Luke 16:19-31, King James Version) Since, as we have seen, Hades refers to mankind’s grave, and not to a place of torment, it is plain that Jesus was here telling an illustration or a story. As further evidence that this is not a literal account but is an illustration, consider this: Is hell literally within speaking distance of heaven so that such a real conversation could be carried on? Moreover, if the rich man were in a literal burning lake, how could Abraham send Lazarus to cool his tongue with just a drop of water on the tip of his finger? What, then, was Jesus illustrating?
20 The rich man in the illustration stood for the self-important religious leaders who rejected Jesus and later killed him. Lazarus pictured the common people who accepted God’s Son. The death of the rich man and of Lazarus represented a change in their condition. This change took place when Jesus fed the neglected Lazarus-like people spiritually, so that they thus came into the favor of the Greater Abraham, Jehovah God. At the same time, the false religious leaders “died” with respect to having God’s favor. Being cast off, they suffered torments when Christ’s followers exposed their evil works. (Acts 7:51-57) So this illustration does not teach that some dead persons are tormented in a literal fiery hell.
GopherWhy shouldn't truth be stranger than fiction? Fiction, after all, has to make sense.
Mark Twain (1835-1910)