What does it mean when you dream of someone who died and is carrying a new baby?

It's a great dream!!  It most likely means that person is going to incarnate soon into a new (baby) body.  Probably into a family that you know.  Keep a look out.  They obviously have a strong love bond with you or why would they have chosen to give you the message thru a dream.  There could be other meanings too, but that one I feel, is the most prevalent one.