In a medium saucepan place the caramels, heavy cream and butter. Over medium heat stir constantly until creamy.
Using a toothpick dip each marshmallow into the caramel mixture. Tap off the excess.
Pour the Rice Krispies in a medium size bowl and sprinkle the Rice Krispies over the caramel marshmallow until it's covered.
Line a baking sheet with parchment paper and place the covered marshmallow on the baking sheet. Remove the toothpick if desired.
Let them rest for 30 minutes.