Sam Settlor duly appointed Tammy as trustee of the Sam Settlor Irrevocable Family Trust, a trust primarily intended to benefit Sams descendants living when Sam established the trust. When established, the trusts only property was U.S. federal and state government issued securities. According to the express provisions of the trust, these were to be the only types of investments to be held and managed by Tammy and any successor trustees. Per the trust provisions, net income from these investments, after management expenses, including a 5% commission to the trustee for her services, is to be distributed to Sams said descendants within two months after the end of each calendar year, per the trust provision that reads such net income to be distributed to my descendants who exist at the time I establish this trust, in equal shares. Another trust provision directs that upon the death of the last of such descendants to die, the then existing trust properties, after deduction for appropriate expenses, is to be distributed as follows: one-half to the East Japoop, New York Animal Hospital, a for-profit veterinarian, to help defray the cost of treating the pets of poor people; and one-half to my grand-nephew Ralph and his wife Rhonda, as tenants by the entirety if they both then survive, or all to the one of them who survives if only one of them then survives, at which time the trust is to be terminated. At the time Sam established the trust, he had two children and two grandchildren. Three months after properly establishing this trust, and still during the trusts first calendar year, Sam died. Immediately thereafter, Tammy exchanged all of the original trust properties for publicly traded corporate securities, which she has since been actively trading on the stock market, and taking a 10% commission on each trade. After the year ended, she did not distribute any net income to Sams descendants, instead choosing to reinvest the net income in the stock market.

The trust is

a. the type of trust that is generally subject to the rule against perpetuities, but because of how it is drafted, that rule should not be a problem

b. the type of trust that is generally subject to the rule against perpetuities, and because of how it is drafted, that rule will be a problem

c. the type of trust that is not subject to the rule against perpetuities, but because of how it is drafted, will be subject to the cy pres doctrine

d. not generally subject to the rule against perpetuities, but is generally subject to the cy pres doctrine