If you have a v109 (April release) TL1CP character and would like to continue using it with Update 1:

Prerequisite mods:
-- You will need the "mod unbinder" mod, attached below (or get it from steam). 

-- Respec potion mod (steam) or a respec potion shared stash.  Some mods like Unearthed Arcana and Synergies have this included.  You can also do a 'resetskills' in the console - but beware, that will flag you as cheating. 

General steps:
1. Load up your character using TL1CP v109.  Reset your skills using a respec potion or the console.  If you do not reset skills, you may permanently lose skill points.  Close out TL2 after this.

2. Load up TL2 with both TL1CP Update 1 and Mod Unbinder.  Enter with your character, and select "Continue and Unbind" when it prompts you.

3. Train up your skill points the way you had it before.   You can disable Mod Unbinder afterwards (it can be enabled on-demand when you need it, but you don't need to have it always running).