Well, let's see. First of all, is this a million dollars before or after taxes? Because I know the government would like to ass rape me if I had a million dollars. I'm just going to respond as if it's after taxes and I still have a million dollars.
First, I would either pay off the mortgage on our house and/or build a new one. Pay off any other debt as well.
Buy my parents either the house they currently live in or a new one, whichever their little hearts desire. I'd buy them two new cars as well and pay off their debts. Also, get them the medical attention they need. My mother is going blind and can't afford the surgery to correct the issue due to no insurance and not yet eligible for Medicare.
I'd put a good amount away into a trust fund for our son to go to college, etc. Invest some of it for ourselves (stocks, real eastate, etc.). Maybe quit my job long enough for me to go to school, get my DDS and then start a successful dental practice.
Regardless, I want to take care of my parents because they've taken care of me and I appreciate them very much. I want to spend it responsibly, invest some and use it to secure a profitable future for my family and myself.