In my example, there are three bones in the same location and with the same orientation: A Blue "IK Controller", a tiny Green "ChildOfForearm" and a big red "Hand".
Hand is child of IK Controller, ChildOfForearm is child of forearm, IK controller is child of Root (or Hips, or Shoulder, as you prefer).
IK Controller has a copy rot bone constraint with theese settings:
