There's a few things you can do:
1. set sorting bias in the lake object to -1000000 (makes the renderer do other things first)
2. make a mask where there's no water (check out my clipfile), taken from the height of the terrain.
3. make a mask where you don't see the water by rendering a small fast render, changing it in photoshop to a black/white mask where there is water/no water. Import this in an image map shader, projected by same render camera and use that as mask for the water shader (through the default shader, like in my clip file).