Karen, the peonies do surprisingly well with the late snows, I just have a few that aren't as hardy. I really should put them in large pots and overwinter them in the garage but I'm not that dedicated--by the time fall rolls around I'm DONE with anything garden related! I'm sure I'll lose a few buds to the cold but I'm more concerned with the flowering deciduous trees, we got 2 hours of HUGE heavy snow--probably 3-4 inches of snow on the deck now, murder on tree limbs once they've leafed out. Probably my only peony casualty in this storm will be that Lovely Rose will be Lovely Laying on the Ground Rose!
This is the 2nd year in a row that it has actually snowed significantly on Mother's Day. Mother Nature isn't very nice, is she?