Jes Lambert, co-chair of Choate’s Wealth Management Group, provides comprehensive, personalized, and practical estate planning advice to high net worth individuals and families, with an emphasis on sophisticated wealth transfer strategies to minimize estate, gift, and generation skipping transfer taxes. She works closely with multiple generations of families on all aspects of wealth management, ranging from basic estate planning such as wills, durable powers of attorney, and health care proxies to sophisticated strategies for lifetime asset transfers, including grantor retained annuity trusts (GRATs), family limited partnerships, income tax advantaged grantor trusts, and qualified personal residence trusts (QPRTs).
Jes advises clients on making tax-efficient gifts to charity, including the use of retirement assets and qualified appreciated stock, and assists with the establishment of private family foundations. She represents private foundations in applying for and maintaining exempt status, and also helps with tax and estate planning for multiple generations of international families and trustees of offshore trusts.
- Implemented estate planning strategy by which client has transferred more than $30 million to children free of gift tax through grantor retained annuity trusts.
- Advises trustees, family office, and multiple generations of internationally based family members in all matters relating to estate planning and administration of trusts totaling in excess of $5 billion.
- Created and successfully obtained tax exempt status for private operating foundation and advised on subsequent purchase of large, ecologically-significant parcel of land to be held for conservation purposes.
- Drafted U.S. estate plan for non-U.S. citizen spouses to qualify transfer of U.S. real estate for unlimited federal and state estate tax marital deductions.
- Successfully reformed 145-year old charitable trust to enable funds to be used for more modern purposes.
Professional and Community Involvement
- Former chair of the Choate Women’s Network
- Organizer of the Wealth Management Group’s Next Level Wealth Program
- Former member of The Boston Foundation’s Professional Advisor’s Network (PAN)
Education & Credentials
- Boston College Law School
- JD, 2008, magna cum laude
- Articles Editor, Boston College Law Review
- University of Rochester
- BA, 2002, cum laude
Following more than 15 years of anticipation, Treasury and the IRS have issued proposed regulations interpreting certain Internal Revenue Code (Code) provisions applicable to donor advised funds (DAFs).
The Internal Revenue Service recently released annual inflation adjustments for 2024. They include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions and annual gift tax exclusions, increased retirement account limits, and new income tax brackets.
On October 4, 2023, Governor Maura Healey signed into law “An Act to improve the Commonwealth’s competitiveness, affordability, and equity.” The Act makes key tax changes to the Massachusetts estate tax and short-term capital gains, and closes the "millionaires tax" loophole for married couples, in addition to other provisions.
The new “Massachusetts Millionaires Tax” goes into effect on January 1, 2023 and will impose a 4% surtax, in addition to the 5% flat income tax, on those who domicile or reside in Massachusetts and earn over $1 million annually.
On January 1, 2021, Congress passed the Corporate Transparency Act (“CTA”) to combat the use of corporate structures in money laundering and other financial crimes. Under the CTA, ownership interests in LLCs, corporations and other similar entities may need to be reported to the federal government. Fortunately, these reporting requirements will take effect on January 1, 2024, so there is time to prepare.
Choate's Wealth Management Group have outlined the recently released IRS annual inflation adjustments for 2023, which include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions and annual gift tax exclusions, increased retirement account limits, and new income tax brackets.