This was one of the things I wanted to bring into my own family. I found it harder to do with small kids. There was no way we could spend a whole day in prayer! Plus, DH's schedule during the holiday break did not allow us to go out of town. A morning or afternoon of prayer was a better fit. So that's what we've been doing the past 8 years or so.
The kids are now very familiar with how this time goes. We start off by listing the things we are thankful for in the past year. We share with each other this list. The kids know how to do this well. I enjoy hearing what they are thankful for. We then list our petitions/intentions for the coming year and then share them again with the family. Next, we draw up a list of things we will be praying for as a family.
This year, here are some of our family's petitions:
1. family trip/vacation in the Philippines for my bro's wedding
2. a house with more room for us - right now, we're open to looking at homes for rent too
3. good health for everyone
We usually end this special time with some reflection and try to listen for God's message. As the kids grow older, I hope that we can hie off somewhere and combine the day of prayer with vacation. A vacation with the family and the Lord will truly be the best way to end a year.