maybe you would parent a locator to the hand so that you could use a point contraint on the end of the cane..
Hmm. Only thing is, could you do that and still keep the cane in control? IE if one end of the cane is touching the ground and the other end is in the palm of the hand, then the cane is not going to be constrained to the hand; it would have to be vice versa. The cane would have to be the control object, rather like an IK foot... with the hand stapled to the end of it. So that when you rotate the tip of the cane on the ground, the hand sticks to the top end of it.
You could do this by grouping the IK hand, and using constraints to attach that group to either the world or the cane (switchable).
Or, alternately, you can put the IK hand and the cane in a group, and animate that group when the two objects are connected. I've actually done it much like this before in a similar situation, and got good results.
The only thing is, either way you will need to do some counteranimation when control changes. With the constraint switch you would need to counteranimate so that the objects don't move during the switch.
Whereas if you use a group for both, you will need to animate the rotate pivot point of that group to the correct position each time the cane is planted on the ground. (and, likewise, move the rotate pivot more towards the cane's center of mass when it is picked up, for more convenient rotation control)
In reality it's not all that bad. Just use stepped keys when animating the pivot point, and only do it when necessary, or things start to go real funny. Also note that you have to make the pivot keyable (channel control)
also: don't put motion trails on anything dependant on an object with keyed pivot. When such a motion trail is evaluated, maya instantly crashes to desktop, without even an error message. Or at least it did in 4.0. It was my favorite way to crash the program =p like black magic.