Hello, Cheryl,
New Year's Eve at Walt Disney World is such an incredibly fun way to ring in the new year, but I have to let you know that it can also be very crowded, especially the Magic Kingdom. In fact, it may even close because it reaches maximum capacity. If you don't mind the crowds, it is a wonderful place to celebrate. Last year, the park showed Fantasy in the Sky Fireworks at 11:40 PM. This summer we watched the fireworks from behind the castle by Gaston's Tavern and found the crowds much lighter there, so that might be an alternative area to watch them.
Since Epcot is larger in size, it has more room for guests but will likely also be crowded. Last year, Epcot showed Illuminations at 6:00 PM and 11:40 PM. If you'd like a glass of champagne during the evening, it is a good match. Some countries also ring in the New Year when the actual country does, so there are mini-celebrations throughout the evening.
Disney's Hollywood Studios is currently posting on their Park Hours that they are having New Year's Eve Fireworks featuring Mulch, Sweat, and Shears! at 12:00 AM. This will have more of a concert-vibe that your sons may enjoy, but the gathering space isn't overly large for guests.
There are also some special dining events on New Year's Eve if you'd like to take a look at those. To read about more options, I'd encourage you to do an internet search for Tips for New Year’s Eve at Disney World By Tom Bricker for a more detailed article and pictures from last year's New Year's Eve. Wishing you a Happy New Year filled with unforgettable moments! -
Kara