[1] http://msdn.microsoft.com/en-us/library/hh367887.aspx
Note: The deleted comment was something like »This is not true«.
We have deviated quite a bit from the original comment - you can install different Visual Studio (and .NET framework) versions side by side if you have to support legacy projects. There are some case where this will not work - obvious examples are .NET 1.0 not being supported since Vista, .NET 1.1 since Windows 8 - but there are still a lot of cases where this works just fine. If an side by side installation is not possible, you can still just setup up a second machine or a virtual machine for you legacy development needs. Not being able to upgrade Visual Studio because you have to support legacy projects is mostly a non-issue.
http://www.west-wind.com/weblog/posts/2012/Mar/13/NET-45-is-...
http://stackoverflow.com/questions/11458159/how-to-keep-net-...