Happy Halloween, everyone! While this is a fun day of costumes and candy consumption for most people, we want to make a serious point about an underserved part of our community where we see a lot of dangerously inadequate planning. Perhaps more than any other undead people, vampires consistently make several massive estate planning mistakes. They erroneously think they don't need an estate plan just because they have been reanimated from the dead and could potentially live forever. That's a grave error (pun intended) for the following reasons.

First, their fearsome reputation and indefinite lifespans often make them forget they are not immortal. Although their life expectancies are infinite, they can still be killed by a wooden stake through the heart, exposure to sunlight, garlic, holy water, or a silver bullet (that last one might be werewolves). So, although their chance of dying is lower than those who have not previously died, they can’t completely ignore the possibility.

Second, their extended life expectancies increase vampires' chances of suffering incapacity events. The odds of going centuries without ever struggling with your mental faculties, getting into a coma, or being unexpectedly trapped in a coffin for an extended period are exceedingly low. Who will make decisions for you if any of those events does happen? Who will manage your assets? Who will pay your bills? Even people who never die need a durable power of attorney and a healthcare proxy to appoint someone they trust to handle these matters.

Third, vampires have unique tax planning challenges that mortals don't face. For example, capital gains tax can be an especially acute problem when you hold assets for centuries. Imagine buying a painting for $100 in the 18th century and selling it for $10 million in the 21st century. That's a lot of taxable gain. If you face this problem, you might consider donating some of your appreciated assets to charity or using a trust to minimize your tax liability.

Another tax minimization strategy every vampire should consider is the Roth IRA. Unlike traditional IRAs, Roth IRAs do not require taking minimum distributions when you reach a certain age. That means you can let your money grow tax-free for as long as you want. The potential value of tax avoidance for someone who might live for centuries should be obvious.

Despite their indefinite life spans, vampires need estate planning just as much as anyone else. We have had some vampire clients with powers of attorney based on statutes that were hundreds of years out of date or that named agents from several generations ago. That's not very smart. Everyone needs to update their estate plan regularly to reflect the changes in their life and the law.

If you are a vampire or know someone who is, please contact us today for a personalized attorney evaluation. We specialize in estate planning for both the living and the undead. We can help you create a plan that suits your needs and protects your legacy. Please don't wait until it's too late. Call us now or visit our website at www.vampirelawyer.com.