As kids become better readers, continue reading aloud to them - only choose more difficult books to help your child learn new vocabulary words, concepts, and ways of telling stories.
A few more thoughts....
Be sure to introduce your children to books prior to the 1940's to expose your children to proper sentence structure, descriptive text and to new words that aren't used in many current children's books - they will learn to focus more, listen closer, and hear the high quality of writing that is as prevalent in today's books.
Many of my favorite authors are from the 1700's to late 1800's: George McDonald, Louisa May Alcott, Horatio Alger, Jr., Mark Twain, Shakespeare, Rudyard Kipling, Charles Dickens and Robert Louis Stevenson.
Bring back the old family reading hour in the evening - it'll open up new worlds to your children & draw you all much closer!
What are your favorite Classics for kids to read?
Try and come up with as many from the 1780 - 1940
period as you can!