Fade in/out a GameObject

I have a GameObject and I want to instantiate it but I need to make a fade in (from transparent to full color) and then, when I destroy it, make a fade out.

The object is an Empty GameObject called Enemy with several 2d Toolkit Sprites as childs (head, body, arms, legs, etc).

Can this be done?

Get the SpriteRenderer Components of the sprites you want and change the alpha in their .color property.
Something like

    public SpriteRenderer[] renderers;
	void Start() {
		renderers = GetComponentsInChildren<SpriteRenderer>();
	}

	void Update()
	{
		Color alphaFadedColor = Color.white;

		// modify alpha
		// create your own time based algorithm and start it when you want the fade to start
		alphaFadedColor.a = Time.realtimeSinceStartup / 10f; 
		foreach (SpriteRenderer renderer in renderers)
		{
			renderer.color = alphaFadedColor;
		}
	}