SSMS: Index was outside the bounds of the array. (Microsoft.SqlServer.Smo)

We will see this when we connect to SQL Server 2012 from SQL Server 2008/2008 R2

Cause
This issue occurs because of an error in SSMS 2008 R2.

Solution
The problem is generated due to an error in SQL Server Management Studio 2008 & 2008 R2.

Fix
To solve this, apply the latest service pack available.