Combine cream cheese and powdered sugar in a small bowl, mix well. Stir in preserves. Spread cream cheese mixture evenly over 4 slices of bread, top with remaining slices of bread to form sandwiches.
Whisk together eggs, half and half and sugar in a medium bowl; set aside.
Mix 2 Tablespoons butter in a large skillet (I use cast iron) over medium heat. Dip each sandwich into egg mixture, completely covering both sides. Cook 2 sandwiches at a time for 1 to 2 minutes per side or until golden. Melt remaining butter and cook remaining sandwiches as instructed. Serves 4