Melt 8 oz. white chocolate in a microwave safe measuring cup. 1 minute. Stir until smooth. In a mixing bowl add cream cheese, powder sugar, 1/4tsp. nutmeg, cinnamon, and rum extract. Beat with a mixer, add melted chocolate beat until smooth. Cover and chill for 4 hours.
Shape into 1" balls, place on waxed paper, chill until ready to dip.
Melt 4 oz. white chocolate in microwave safe bowl for 1 minute, stir, nuke for 30 seconds more. Stir. Using a fork dip 1 truffle at a time into white chocolate. Place on wax paper. Use a toothpick to cover fork marks. Sprinkle with nutmeg.
Repeat with remaining truffles, one at a time.
*when dipping, do so in two separate batches the chocolate will harden up with the cold truffles. If this happens just reheat the chocolate and continue dipping.