My 12 year old son was hit and killed by a motorist. We received a settlement from the accident. Do I have to pay taxes on the money received?

Your Attorney should have advised you. Was the settlement for your loss, his pain and suffering, something else?

The loss of my son.

Sorry for your loss.
This is from IRS publication 4345:
"If you receive a settlement for physical injuries or physical sickness and did not take an itemized deduction for medical expenses related to this injury in prior years, the full amount is non-taxable and generally does not need to be reported on your income tax return.
BUT
• If you receive a settlement for physical injuries or physical sickness and did deduct medical expenses related to the injury, the tax benefit amount is taxable and should be reported as “Other Income” on line 21 of Form 1040."

BOTTOM LINE: You WILL have to pay taxes on the settlement.

How much are we talking about?