OR

Make a blood drop decal, then a blood splash decal, and a blood pool decal. Put the blood pool decal on the floor as an overlay, then the blood splash decal as a plane with a script to make it always face the player. Now take your blood drop decal as a plane, and put it just below the ceiling so it looks like it is touching, but isn't. Make sure it is effected by gravity correctly by using the right-click settings, and testing the game. Now keep playing with the amount of time it is alive so it is removed right when it hits the ground. Now make it respawn when dead with a delay. Might take a bit of work, but it achieves the desired effect.
The quick brown fox jumps over the lazy dog