His daughter Caterina, a baby at the time of his death, went on to become Catherine de' Medici, the famous wife of Henry II of France, in a marriage arranged by her distant cousin, Pope Clement VII in his last successful move.
His tomb in the Medici chapel in the Church of San Lorenzo is ornamented with the Twilight and Dawn of Michelangelo, along with a statue of Lorenzo by Michaelangelo. Due to the identical name he shares with his grandfather (they are both Lorenzo di Piero de' Medici), whose tomb is also in the Medici chapel, this tomb is often mistaken for that of his grandfather.