Calling epigenetics 'memories' is a huge exaggeration, but some kind of organism that does have the ability to inherent memories genetically is conceivable. I think it would give them trouble adapting, though. If their parents found something scary, and their parent's parents found it scary... they're just going to keep passing the phobia down forever, unless they get some serious therapy, and then they'd become the family's black sheep.
Same problem if they really like a type of fruit that's become poisonous recently, they just won't be able to let it go and develop a new favourite without a lot of trouble. It's advantageous if their environment changes slowly, but a hindrance if each generation faces new challenges.
Parents having to pass on their knowledge to their children in words encourages introspection, rational thought, and critical thinking skills, too, so I'd expect a race with genetic memory to lay off those things a bit and do and believe a lot more without thinking. Of course, there's plenty of human parents who avoid all three things, too, so I don't think it'd be unfamiliar, or that the tendency would be overwhelming.