Arguably, the most important thing to remember is what has long-term implications. Trust is a fragile commodity and is easily damaged. Always assume that they will "fact check" you in some way. It may not be right away, but inevitably, the topic -- whatever it is -- will come up at some point with their siblings, cousins, friends or teachers.
Childhood is brief; as the ubiquitous presence of media exposes our little ones to more and more "realities", they are being pushed to grow up at accelerated rates. Despite the arguments one can make about the importance of telling children the true truth, there are times when I believe it is okay to blur the edges of reality, as long as no one is being hurt.
When kids have adults who not only respect their deeper selves, but also lead by example by sharing their own inner search, a powerful connection is made. Kids trust these efforts as true concern. And kids will seek a bond with these adults because they know they need mentors to be prepared for life.