In a medium-sized saucepan, pour in the whole milk and heavy cream. Place it over medium heat, stirring occasionally until the mixture becomes steamy but be careful not to let it reach a rolling boil.
Once you see steam rising, lower the heat to the lowest setting. Add the white chocolate chips to the saucepan. Stir continuously with a wooden spoon or whisk until the chips melt fully, resulting in a smooth and velvety base.
Incorporate the pure vanilla extract and the almond extract (if you choose to use it). Stir well to blend all the flavors harmoniously.
After the mixture is fully combined and creamy, carefully remove the saucepan from the heat to prevent any scorching.
Using a ladle, pour the decadent hot chocolate into your favorite mugs, filling them generously.
Crown each mug with a fluffy mound of whipped cream, and for the finishing touch, sprinkle on the shaved white chocolate and a handful of mini marshmallows for a whimsical presentation.
Notes
For an extra layer of flavor, consider adding the almond extract.