Is the Estate Tax anti-capitalist?

The Estate Tax (or if you're a Republican, Death Tax) has been a hot topic for years. Everyone wants to build up wealth for their children. It's a natural desire to help future generations. No one wants to see Uncle Sam take something that should go to their children. However, I question the capitalist qualities of the Estate Tax.

1) It encourages saving rather then spending
In a world without the Estate Tax, there would be little need to save money as you got older. Since people can't accurately foresee their death there would still be a tendency to save, but it wouldn't be as strong a desire as it is now.

2) It creates a class systemt
I'm not someone who thinks that everyone should be paid equally. The risk reward system in America is what makes us great and what creates wealth. However, it troubles me that someone born into poverty does not get the same chances as someone who is born wealthy. Obviously, the Estate Tax doesn't eliminate this problem (not unless we kill off parents when they give birth) but it does mitigate it somewhat.

3) It provides for "free" income for future generations
Even if society could provide the same chances for poor children as it does for rich children you'd still have the problem of "free" income for children. It's essentially private welfare. If we say that poor people are less likely to work because they have welfare then we have to also be honest and say that people who are gifted large sums of money are less likely to work because they can put their wealth in a CD and live comfortably off the interest.

I would love to be able to give my children all of my wealth so that they have it easier then I did. I think that is natural and admirable. However, the more I think about it the more I start to realize that that's a pretty selfish desire. I'm not proposing an alternative solution here but I thought it was good food for thought.