Instantiating AT Child

For some reason every time I look for this I never seem to find anything close. Maybe I'm bad with search engines so I hate asking questions I feel must have been answered. What I'm trying to do is instantiate a prefab using a child of the callers location/rotation. In this case for shooting but seems like it'd work for lining up attachable objects. Though I know it can't be terribly complex how do I set that? In this case I don't want the "missile" to be a child but knowing how to do that would be nice too.

This is what I have pulled from an example...works aside from firing from the character models feet.

var projectile : Rigidbody;
var speed = 20;

function Update() {
  if( Input.GetButtonDown( "Fire1" ) ) {
      var instantiatedProjectile : Rigidbody = Instantiate(projectile, transform.position, transform.rotation);

      instantiatedProjectile.velocity = transform.TransformDirection( Vector3( 0, 0, speed ) );
      Physics.IgnoreCollision( instantiatedProjectile. collider, transform.root.collider );
  }
}

Add an empty gameobject and move it to where you want the missile to "fire" from (usually just in front of the "barrel" of the weapon, but you have to make sure it clears the collider of the gun). Then parent it to the gun model. Then use that gameobject as your instantiation point.