if I upgrade from lightroom 5 to cc will iretain all current lr edits and will I retain my current downloaded and purchased presets ?
Yes, all is retained.
Yes, it is all retained. Lightroom CC will find your old catalog and prompt you to create an upgraded catalog. This will be a COPY of your catalog, and it will include everything you have done. The original catalog will remain intact and usable by Lightroom 5. And the two versions will run independently of each other.